Paycheck Protection Loan Forgiveness, What you Need to Know
August 19, 2020 9:00 am
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The Coronavirus Aid, Relief, and Economic Security Act (aka the CARES Act) was signed into law by the President on March 27, 2020. Title I, of the CARES Act, Keeping American Workers Paid and Employed Act, contained the Paycheck Protection Program (or PPP). The PPP’s goal was to keep people in their jobs, reduced the unemployment nationwide, and thereby keeping the economy moving forward. The PPP was structured as a forgivable loan, a grant, to the extent the moneys received were primarily spent on payroll and other permissible purposes. We will explore changes to the PPP and loan forgiveness enacted by the PPP Flexibility Act signed into law by the President on June 5, 2020. We will also work through the multiple guidances issued by the Small Business Administration in the form of Interim Final Rules, FAQs, etc., on its expectations with respect to the loan forgiveness process. Our panel of experts will explore the issues, pitfalls, and strategies surround the loan forgiveness process.