PPP Loan Forgiveness, Application Process and Spending – UPDATED
PPP Loan Forgiveness, Application Process and Spending – UPDATED (CPA St. Louis) (314) 541-8163 http://valuationpodcast.com A podcast and video series pertaining to all things business and valuation. Hi
Welcome to ValuationPodcast.com - A podcast and video series about all things related to business and valuation. My name is Melissa Gragg, a company valuation expert in St. Louis Missouri.
During this episode we will discuss PPP loan forgiveness rules or spending rules and the PPP Loan forgiveness application process with Mark Nicholas, a forensic accounting expert and CPA in St. Louis as well as Bloomington and Decatur, Illinois. Welcome Mark!!
Once again, the PPP loan program has undergone changes that will affect how full forgiveness is achieved. This time there is some good news! On June 5th, the Paycheck Protection Program Flexibility Act was signed into law that added some additional key provisions to help business owners meet the forgiveness requirements more easily.
1. I understand the time period for spending the PPP loan funds has been extended. How long is it and what does that mean for business owners?
The old rules for spending the PPP loan funds was 75% on payroll costs and 25% on certain other items. What changed?
Are the loan terms of 2 years and 1% interest still in place?
Is it too late to still apply for a PPP loan?
What do we need to know about the PPP Loan Forgiveness Application and should the business owner wait to fill out the application?
What do we know about Prioritized Paycheck Protection Program Act?
a. would allow businesses with fewer than 100 employees to tap the taxpayer-backed fund for a second time if they can prove that they lost half of their revenue as a result of the virus outbreak.
b. Eligible businesses must have exhausted their initial PPP loan, or be on pace to spend the aid in order to qualify for another loan. The bill would also extend the loan application deadline for businesses from June 30 to Dec. 30 or later. A companion bill has been introduced in the House.
Melissa Gragg, CVA, MAFF, CDFA
Expert testimony for financial and valuation issues
http://www.BridgeValuation.com
Cell: (314) 541-8163
Bridge Valuation Partners, LLC
301 Sovereign Court, Suite 208 St. Louis, MO 63011
Mark A Nicholas, CPA, CFE, CVA, CFF, MAFF
Managing Member Financial Litigation Consultants, LLC
2712 McGraw Drive Bloomington, IL | 309-663-1353
3130 Sutton Blvd Maplewood, MO | 314-279-9223
3040 N University Ave, Decatur, IL | 217-877-6766
Email: mark.nicholas@flc-llc.com
Website: http://www.flc-llc.com
