Fundbox Forward Podcast

How to Maximize Your PPP Loan Forgiveness - Updated for 2021

February 01, 2021 Fundbox: Greg Powell and Dan Biewener Season 1 Episode 2
Fundbox Forward Podcast
How to Maximize Your PPP Loan Forgiveness - Updated for 2021
Chapters
1:39
Introduction
2:00
PPP Loan Forgiveness Basics
3:13
Is PPP Loan Forgiveness Automatic?
4:23
What's the Difference Between the 3 Forgiveness Forms?
7:46
#1 Forgiveness Rule: 60% Goes to Payroll
9:10
What Happens If You Don't Qualify for Forgiveness?
9:56
Documentation: Maintain These Clear and Thorough Records
15:20
Set Up a Different Bank Account for PPP Funds
17:33
Check These 3 Numbers When You get Funded
18:27
How to Calculate Full-Time-Equivalent FTEs
20:14
How Can You Keep Layoffs from Affecting PPP Forgiveness?
23:33
How Can You Rehire Employees When Your Business is Still Closed?
24:17
What If You Had to Cut Wages?
26:03
What Recourse Do You Have if Reductions Were Made?
26:32
What's a Good Way to Make Sure You're On Track with Forgiveness Rules?
28:10
EIDL Advance No Longer Needs to Be Deducted from Forgiveness
29:46
Summing Things Up
Fundbox Forward Podcast
How to Maximize Your PPP Loan Forgiveness - Updated for 2021
Feb 01, 2021 Season 1 Episode 2
Fundbox: Greg Powell and Dan Biewener

Join our conversation on how your small business can maximize forgiveness for Paycheck Protection Program (PPP) loan, designed to help companies, their employees, and even independent contractors during the economic impact of coronavirus/COVID-19. This podcast was updated on January 29, 2021.

In this podcast, we share and discuss some of what we've learned to help clarify the #1 question topic about the PPP loan: forgiveness.

Click the CHAPTER MARKERS tab above to skip to each question.

A text version of this podcast is available here.
(For translations, open in the Chrome browser.)

Disclaimer: Fundbox and its affiliates do not provide financial, legal, or accounting advice. You should consult your own PPP lender for specific needs, or your own financial, legal, or accounting advisors before engaging in any transaction.

Show Notes Chapter Markers

Join our conversation on how your small business can maximize forgiveness for Paycheck Protection Program (PPP) loan, designed to help companies, their employees, and even independent contractors during the economic impact of coronavirus/COVID-19. This podcast was updated on January 29, 2021.

In this podcast, we share and discuss some of what we've learned to help clarify the #1 question topic about the PPP loan: forgiveness.

Click the CHAPTER MARKERS tab above to skip to each question.

A text version of this podcast is available here.
(For translations, open in the Chrome browser.)

Disclaimer: Fundbox and its affiliates do not provide financial, legal, or accounting advice. You should consult your own PPP lender for specific needs, or your own financial, legal, or accounting advisors before engaging in any transaction.

Introduction
PPP Loan Forgiveness Basics
Is PPP Loan Forgiveness Automatic?
What's the Difference Between the 3 Forgiveness Forms?
#1 Forgiveness Rule: 60% Goes to Payroll
What Happens If You Don't Qualify for Forgiveness?
Documentation: Maintain These Clear and Thorough Records
Set Up a Different Bank Account for PPP Funds
Check These 3 Numbers When You get Funded
How to Calculate Full-Time-Equivalent FTEs
How Can You Keep Layoffs from Affecting PPP Forgiveness?
How Can You Rehire Employees When Your Business is Still Closed?
What If You Had to Cut Wages?
What Recourse Do You Have if Reductions Were Made?
What's a Good Way to Make Sure You're On Track with Forgiveness Rules?
EIDL Advance No Longer Needs to Be Deducted from Forgiveness
Summing Things Up