Advice on those new PPP forgivness applications

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
Kevin Gale
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