The CARES Act Paycheck Protection Program has a lot of potentially confusing language. In this video we help you interpret the language, as well as the new guidelines put out by the Treasury. We also outline four different strategies depending on your business for how you can best utilize the loan forgiveness the government is offering.
In this episode:
Obviously PPP has some issues [:30]
Small business owners have many questions [2:00]
Borrower eligibility and forgiveness [3:00]
Determining necessity [6:00]
Lender requirements and document requirements for the borrower
[11:00]
Is this a loan or will it be forgiven? Rules for forgiveness [18:00]
CARES Act versus Treasury guidance on how long you have to pay back the loan [21:00]
Limits of forgiveness [22:00]
IRS Position on PPP forgiveness [28:30]
Forgiveness strategies for self-employed with payroll S-Corp with W2’s [33:00]
Forgiveness Strategy 2 - Self employed with no payroll [43:00]
Forgiveness Strategy 3 - Business with employees but shut down [46:00]
Forgiveness Strategy 4 - Business with employees and still operating [52:00]
Bankruptcy planning and PPP Loans [55:00]
If you’d like to watch on YouTube, check out our video here: