Some details of the paycheck protection plan loans have been confusing, but there’s new information out now.
The SBA has just released an 11-page PDF, which has an application to seek forgiveness of the loans.
Accounting and advisory firm Marcum, which has offices in South Florida, has written a summary to help understand it.
“The PPP Loan Forgiveness Application provides borrowers with a foundation for planning and compliance in the use of their loan proceeds,” says Michael Maksymiw, a partner in Marcum’s Tax & Business Services . “Borrowers will undeniably have their own specific situations that will still need to be addressed with their banks and advisors.”
Local accounting firm Daszkal Bolton has created a PPP Loan Foregiveness calculator, which is a downloadable spreadsheet.
MBAF, the region’s largest locally based accounting firm is having a free webinar on Zoom at 2 p.m. on Tuesday to discuss the application.
Topics will include:
- Details of the SBA loan forgiveness application (Form 3508)
- New general concepts
- Payroll Costs including loan reduction exceptions and safe harbor
- Non-cash compensation and compensation to owners
- Non-payroll costs
- Calculating the forgiveness amount
- Required documentation
- Areas of uncertainty
