Fundbox Forward Podcast

How to Maximize Your PPP Loan Forgiveness

June 10, 2020 Fundbox: Greg Powell and Dan Biewener Season 1 Episode 2
Fundbox Forward Podcast
How to Maximize Your PPP Loan Forgiveness
Chapters
00:01:35
Introduction
00:03:09
PPP Loan Forgiveness Basics
00:04:14
#1 Forgiveness Rule: 60% vs. 40%
00:05:38
Documentation Can Be Your Salvation
00:06:49
Actions to Take Immediately Upon Approval
00:08:25
How to Calculate Full-Time-Equivalent FTEs
00:10:43
What Happens If You Lay People Off?
00:11:58
Maintaining Employee Wages at 75%+
00:12:10
Headcount Reduction Penalty Exemptions
00:13:26
What if Your Business Is Still Closed?
00:17:28
How to Correct Reductions in Headcount or Wages
00:18:40
Open a Separate Bank Account for PPP Funds
00:20:40
Check Your Progress 30 Days Into the Window
00:21:55
How to Prepare to Apply for Forgiveness
00:24:17
What If You Don't Qualify for Full Forgiveness?
00:25:41
Summing Up Forgiveness Guidance
Fundbox Forward Podcast
How to Maximize Your PPP Loan Forgiveness
Jun 10, 2020 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 includes updated information since the passage of the Paycheck Protection Program Flexibility Act (PPPFA).

The PPP is now reopened and the application deadline extended until August 8, 2020. You can apply now through Fundbox.

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.)

For more information, visit the Fundbox Blog.

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 includes updated information since the passage of the Paycheck Protection Program Flexibility Act (PPPFA).

The PPP is now reopened and the application deadline extended until August 8, 2020. You can apply now through Fundbox.

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.)

For more information, visit the Fundbox Blog.

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
#1 Forgiveness Rule: 60% vs. 40%
Documentation Can Be Your Salvation
Actions to Take Immediately Upon Approval
How to Calculate Full-Time-Equivalent FTEs
What Happens If You Lay People Off?
Maintaining Employee Wages at 75%+
Headcount Reduction Penalty Exemptions
What if Your Business Is Still Closed?
How to Correct Reductions in Headcount or Wages
Open a Separate Bank Account for PPP Funds
Check Your Progress 30 Days Into the Window
How to Prepare to Apply for Forgiveness
What If You Don't Qualify for Full Forgiveness?
Summing Up Forgiveness Guidance