Begging for Forgiveness – Part 2

HARDESTY TIP

Prepare for the forgiveness process.  Think of this like loan diligence.  Word on the street is that this process may be subcontracted out to CPA firms.  So, companies may have a comprehensive review with the touch and feel of an audit or tax review.

SBA latest Information Includes:

Loans – FAQ’s (SBA latest info as of 05/19/20)

 

SBA Agrees to not double penalize

 

  • Where there is both a reduction in wages and reduction in FTE’s, (e.g. employees were terminated and not brought back) the forgiveness reduction in FTEs will apply but the salary reduction will not, for the terminated employees.
PPP (SBA) – includes Lender Forms & Guidance

 

Loan Forgiveness Application (SBA Form)

 

Tips in the news:


Congress may expand the 8-week period.  See recent article by 
Journal of Accountancy – PPP Forgiveness Guidance Issued as Congress Mulls Changes


 

HARDESTY SUPPORT
As a service to our clients and network – reach out to Hardesty with your questions.If you need more help than that, contact Hardesty today and we can help you with Fractional CFO support to:

  • Review your forgiveness plan & prepare for the diligence process
  • Communicate with your bank & CPA reviewer
  • Maximize your forgiveness amount
  • Help the company emerge stronger