While the Paycheck Protection Program (PPP) is still accepting loan applications, nearly 5 million small businesses have received and used loans. Now the challenge is taking advantage of the Forgiveness part of the program. While the SBA has been consistent that the loan will be fully forgiven if the funds are used for payroll costs (60%), interest on mortgages, rent, and utilities.
Sounds easy, until you dig into the forms, the document requirements – even your bank isn’t totally sure how this is all going to work.
- What documentation should I be collecting for the PPP Loan Forgiveness Application?
- As a borrower, where can I get help with the PPP process?
- What are the risks of getting the Forgiveness Application wrong?
On Tuesday, July 21 at 1:10 pm Jen Moyer and John Caldwell join Scott on Founders Focus to give an update on where things are right now, what borrowers should think about, and the kinds of documentation they are likely to need.
If you’re a founder looking to make sense of the Forgiveness part of the Paycheck Protection Program (PPP) this is the Founders Focus for you.
Take a look at some questions we walked through:
- As a borrower, what should I be thinking about?
- What is included in the Forgiveness part of the program?
- When can I apply for forgiveness?
- What is the deadline to apply?
- What time frame and form should I be using?
- What are the penalties for not using the loan as intended?
- What are the Economic Injury Disaster Loan (EIDL) impacts on PPP Borrowers?
- Does PPP loan forgiveness become taxable income?
Check out our recent Upside Blog posts for recaps of other Founders Focus sessions.
About Founders Focus
Founders Focus exists to help CEOs and Founders learn and share the best ways to manage through the unprecedented crisis faced by businesses and business leaders today. Founders and CEOs helping Founders and CEOs.
The discussion is hosted and facilitated by Scott Case, a 30 year veteran of startups, large operating companies, and nonprofits. More important than his experience, Scott is determined to help fellow leaders thrive during this crazy time and emerge better from it. A lot of people refer to Scott as a “rockstar” but his wife and kids are not among them.
- Founding CTO of Priceline.com
- Former CEO of Malaria No More
- Former CEO of The Startup America Partnership
- Current Chairman of Network for Good
- Current CEO of The Upside Business Travel Company
Every Tuesday and Thursday, Scott invites an expert co-host to join him to share their perspective and experience with the Founders Focus topic.
Watch videos of past Founders Focus sessions to see co-hosts who have been featured as special guest speakers.
Every Tuesday and Thursday at 1:10 – 1:50PM ET on Zoom. Register here!
Over 400+ founders and CEOs from all different walks of life join together for the twice-weekly Founders Focus to talk through the challenges they’re facing and offer advice to their peers.
Join the Founders Focus by registering here.
Check out the Founders Focus podcast, focused on helping small business owners, entrepreneurs, and leaders hash out shared pain points, experiences, and action steps.