- 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:
- an overview of the Loan Forgiveness application,
- information needed to complete the application,
- calculation details using the template released by the AICPA, which we’ll show you with some prepopulated sample data.
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.