PPP Loan Forgiveness
The pandemic caused by covid-19 has had a detrimental impact on the US economy. In an effort to support small and medium sized businesses, the US government passed the CARES Act that among many issues created by the pandemic addressed a loan program labeled the Paycheck Protection Program also referred to as a PPP loan.
While the government attempted to keep the terms of the PPP loans simple, that did not happen. The government was trying to contain abuse and limit access to only those who were intended to benefit from the program. The overall idea was to assist small businesses with support for payroll and rent expenses to hopefully stave off business closures. This impact would incentivize businesses to avoid or limit layoffs and indirectly reduce unemployment as well. The kicker and “special” aspect of the PPP loans was the opportunity to have the loan forgiven based on its use meeting the criteria specified by the CARES Act. In Florida, there are a few different types of probate administration procedures that include formal administration, summary administration, and ancillary administration. The most common is a formal administration which is the de facto method if the specific requirements are not applicable for a summary or ancillary administration.
While the pandemic continues to affect many across the country and worldwide, the terms of the PPP loan forgiveness program have been modified and complicated over the past several months. The PPP loan forgiveness applications similar to tax returns have an EZ version (3508EZ) for certain sole proprietors or independent contractors, while more comprehensive forms for most other businesses with many employees, several different classes of employee, related entities (i.e. separate businesses with the same or very similar ownership), and other possible wrinkles that could disqualify a PPP loan forgiveness application (SBA Forms 3508 & 3508S).
Did you receive a PPP loan and are now concerned about how to request loan forgiveness? Seeking the assistance of an Attorney-CPA who can navigate the complexities surrounding the CARES Act and SBA rules and guidance. At Anidjar Law our objective is provide practical solutions to complex programs.
Call us today and we will make sure to maximize your loan forgiveness pursuant to the federal laws and regulations.