Let’s Talk Business: PPP Forgiveness

October 21, 2020

October 21, 2020

9:00 AM To 12:00 PM

Online Only

https://bit.ly/312T0sE

FREE

Event Description

Let’s Talk Business: PPP Forgiveness

The SBA has a proven track record of successfully assisting America’s small businesses by increasing and improving their access to capital, federal contracting opportunities, entrepreneurial development, and disaster assistance. The Agency also boosts America’s long-term competitiveness by improving the entrepreneurial ecosystem to ensure small business owners and entrepreneurs are well positioned to take advantage of new opportunities and new markets.

Let’s Talk Business: PPP Forgiveness will provide a discussion centered around forgiveness of the Payroll Protection Program (PPP), a loan program funded by lending institutions and guaranteed by SBA to help businesses with payroll and utility expenses during the pandemic.

Topics will include:

• Downloading the PPP Loan application

• What documents to have ready

• Sole proprietor, partnerships, LLC’s and C&S Corp options will be discussed

• How to choose one of two PPP Loan forgiveness applications – the EZ or long form

• How to fill out the 3506 EZ – the short PPP Loan forgiveness application

• Safe Harbors will be covered for those businesses affected by local and state mandates

• Choosing the 8 vs. 24-week covered period and which is best for your forgiveness application

• Will provide an overview on the 3506 Long Form, and how to use the Schedule A & Worksheet

• Explain what if PPP forgiveness is reduced, by how much and what that means to the borrower

• Will cover a few examples of FTE & salary/wage reductions

• Will review employee and owner compensation replacement limits

• Will explain the guidance when there is a PPP Loan involved during a change of ownership

In addition, the event will feature two local business counselors, one from the Small Business Technology Development Center and the second from the Small Business Center Network, who work directly with business owners on applying for PPP Loan forgiveness. Attendees will receive their advice on how to successfully navigate the process.

Organizers

U.S. Small Business Administration

https://www.sba.gov/

About the Organizers

The U.S. Small Business Administration has delivered millions of loans, loan guarantees, contracts, counseling sessions and other forms of assistance to small businesses.

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