The Paycheck Protection Program (PPP) Flexibility Act amends the Small Business Act and the CARES Act, modifying certain provisions in an attempt to make it easier for businesses to have their PPP loans forgiven. For many companies these are welcome changes. However, there are few things to bring to your attention which could lead to unintended consequences in limited cases.

The one constant in the PPP is that the program will change. We do not expect this recent update to be the final PPP outlook, and we anticipate changes to the forgiveness form, as well as more regulatory interpretations that will impact the Program.


Continue Reading What to Watch Out for in the Paycheck Protection Program Flexibility Act

Disclaimers:

  • The Small Business Administration and Department of Treasury are regularly releasing updated guidelines and clarifications related to the Paycheck Protection Program. Accordingly, the information provided here is subject to change as updates are released.
  • Further guidelines for the Paycheck Program Protection Loan Forgiveness application process are expected in the upcoming weeks. Borrowers should assess the guidelines and determine how to best apply to their situation. Additional consultation with your lender is encouraged.
  • The AICPA calculator Excel spreadsheet used in this video is current as of May 18, 2020. The AICPA will be updating it frequently, and we recommend using the most recent version.

Jen: Welcome to a special edition of the PKF Texas Entrepreneurs Playbook where we are going to walk you through the key points of the Paycheck Protection Program Loan Forgiveness application. I’d like to introduce Sam Razmandi, a Director on our Entrepreneurial Advisory Services team.

Sam: I’m happy to be here. Today I’ll be covering:

Before we get started please keep in mind that the information is subject to change and is intended to be a general overview. Let’s go and get started.


Continue Reading Walkthrough of the Paycheck Protection Program Loan Forgiveness Application