Paycheck Protection Program // What Business Owners Should KnowNovember 05, 2020
Adam is joined today by BerganKDV resident expert in the Paycheck Protection Program (PPP), Andrew Howe. Adam and Andrew sit down to discuss a brief history of the PPP, covering how it was rolled out with the first two rounds of funding. Many questions still surround forgiveness and there are also many uncertainties around how future stimulus legislation could change the PPP including a new round of funding.
Andrew explains some of the known and unknowns surrounding forgiveness and what businesses should take note of to maximize their opportunities for forgiveness.
At timestamp 22:39 they discuss the “Certification of Need” which has been noted as a requirement of loan forgiveness that borrowers of 2 million or more will likely need to provide including: proof of quarterly revenue loss, the need to significantly reduce operations due to COVID, and several qualification questions that may make it difficult for borrowers to retain forgiveness eligibility.
Shortly after this episode was recorded, the SBA issued a notice regarding its intent to release two new forms regarding loan necessity for borrowers of the PPP. Listen HERE to our latest episode where we discuss what we anticipate to happen with Form 3509 and what organizations should be doing to prepare.
BerganKDV will continue to monitor the legislation and will keep you informed on the provisions impacting businesses and individuals in addition to the PPP. Please reach out to discuss strategies to ensure your business is making the right decisions as changes continue to be made to this program. Contact Our Team.
The views and opinions expressed in this podcast are those of BerganKDV Wealth Management and are subject to change at any time. The content herein is general and educational in nature and should not be considered legal or tax advice. We recommend that your consult with an attorney, tax or investment professional regarding your specific situation. Investment advisory services and fee-based planning offered through BerganKDV Wealth Management, an SEC Registered Investment Advisor.