The PPP Loan Forgiveness Form is Out: Next Steps to Ensure Forgiveness for your PPP Loan

Jeffrey Mosher speaks with Taylor Gast, Associate with Foster Swift Collins & Smith PC Attorneys, Lansing, Southfield Grand Rapids Detroit Holland St. Joseph, MI
With PPP (Paycheck Protection Program) coordinated by the SBA, in light of the COVID-19 crisis. A topic that Foster Swift is encountering is businesses applying for PPP Loan Forgiveness.

Hear Taylor and Jeffrey discuss the upcoming webinar about PPP Loan Forgiveness, click on the PodCast shared below:

To respond to the many questions, Foster Swift is planning a webinar for Thursday this week. On May 15, the SBA released the Paycheck Protection Program Loan Forgiveness Application. The application represents the first significant interpretation of PPP forgiveness rules since the CARES Act. The application clarifies a number of ambiguous issues. Foster Swift will be providing a free webinar at 10:00 a.m. EST on Thursday, May 21 that will provide an in-depth discussion of these clarifications along with a sample case study about how to calculate the forgiveness amount on the application.

Here is further information (including how to register):

On May 15, the SBA released the Paycheck Protection Program Loan Forgiveness Application. The application represents the first significant interpretation of PPP forgiveness rules since the CARES Act. The application clarifies a number of ambiguous issues, including:

• Providing an “Alternative Payroll Covered Period” to coordinate with the borrower’s payroll schedule;
• Providing for certain expenses to be included as forgivable expenses, even if paid after the Covered Period.
• Clarifying that the 75% Payroll Costs test is not an all-or-nothing test.
• Illustrating how to calculate forgiveness reductions due to decreases in FTEs and employee wages.
• Explaining how to calculate the Safe Harbor for businesses that rehire employees by June 30th.

We will be providing a free webinar at 10:00 a.m. EST on Thursday, May 21 that will provide an in-depth discussion of these clarifications along with a sample case study about how to calculate the forgiveness amount on the application. Webinar details and registration are listed below.

Date: Thursday, May 21, 2020

Time: 10 am – 11 am

Fee: No charge

Registration: https://zoom.us/webinar/register/WN_lgONgfixSBilIEA3BlxqJw

Taylor Gast helps businesses and organizations of all sizes and at all stages of development grow and solve problems. He provides practical and thoughtful advice on issues including technology law, data privacy and cybersecurity, startups, mergers and acquisitions, taxation, and contracting. Taylor’s breadth of legal expertise complements his focus on providing practical guidance to help businesses grow and address challenges. Taylor is based in Lansing and counsels clients in Detroit, Grand Rapids, and throughout Michigan.

Since 1902, Foster Swift Collins & Smith, PC has provided comprehensive legal services to businesses, municipalities and individuals. The firm employs 100-plus attorneys in Lansing, Detroit, Southfield, Grand Rapids, Holland and St. Joseph.  For more information about the firm, its attorneys and to access recent publications, visit www.fosterswift.com.