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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

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Drew Limsky

Drew Limsky

Editor-in-Chief

BIOGRAPHY

Drew Limsky joined Lifestyle Media Group in August 2020 as Editor-in-Chief of South Florida Business & Wealth. His first issue of SFBW, October 2020, heralded a reimagined structure, with new content categories and a slew of fresh visual themes. “As sort of a cross between Forbes and Robb Report, with a dash of GQ and Vogue,” Limsky says, “SFBW reflects South Florida’s increasingly sophisticated and dynamic business and cultural landscape.”

Limsky, an avid traveler, swimmer and film buff who holds a law degree and Ph.D. from New York University, likes to say, “I’m a doctor, but I can’t operate—except on your brand.” He wrote his dissertation on the nonfiction work of Joan Didion. Prior to that, Limsky received his B.A. in English, summa cum laude, from Emory University and earned his M.A. in literature at American University in connection with a Masters Scholar Award fellowship.

Limsky came to SFBW at the apex of a storied career in journalism and publishing that includes six previous lead editorial roles, including for some of the world’s best-known brands. He served as global editor-in-chief of Lexus magazine, founding editor-in-chief of custom lifestyle magazines for Cadillac and Holland America Line, and was the founding editor-in-chief of Modern Luxury Interiors South Florida. He also was the executive editor for B2B magazines for Acura and Honda Financial Services, and he served as travel editor for Conde Nast. Magazines under Limsky’s editorship have garnered more than 75 industry awards.

He has also written for many of the country’s top newspapers and magazines, including The New York Times, Washington Post, Los Angeles Times, Miami Herald, Boston Globe, USA Today, Worth, Robb Report, Afar, Time Out New York, National Geographic Traveler, Men’s Journal, Ritz-Carlton, Elite Traveler, Florida Design, Metropolis and Architectural Digest Mexico. His other clients have included Four Seasons, Acqualina Resort & Residences, Yahoo!, American Airlines, Wynn, Douglas Elliman and Corcoran. As an adjunct assistant professor, Limsky has taught journalism, film and creative writing at the City University of New York, Pace University, American University and other colleges.