What you need to know: PPP Loan Forgiveness · 3. 2,113. Businesses helped through PPP . 100%. of...
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What you need to know: PPP Loan Forgiveness
Transcript of What you need to know: PPP Loan Forgiveness · 3. 2,113. Businesses helped through PPP . 100%. of...
What you need to know:PPP Loan Forgiveness
Moderators
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Bert TalermanCo-PresidentCape Cod 5
Tim KelleherChief Commercial Lending Officer
Cape Cod 5
Cape Cod 5 – PPP by the Numbers
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2,113Businesses helped
through PPP
100%of completed
applications have received authorization
from SBA
60%of loan amounts
are under $50,000
10,000+Estimated workers
retained and continue to be paid
$196.8 Millionin loans approved
by the SBA
Questions?
Submit questions live through the Questions panel in GoToWebinar
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Presenters
RYAN M. GORMAN, CPAPrincipalWolf & Company, P.C Direct: (413) [email protected]
DANIEL F. MORRILL, CPAPrincipalWolf & Company, P.C Direct: (413) [email protected]
About Wolf & Company, P.C.
• Established in 1911
• We offer Audit, Tax, Risk Management, and Business Consulting services in several industries, including:o Financial Institutionso Healthcareo Investment Managemento Manufacturing, Distribution, and Retailo Technology
• Offices located in:o Boston, MAo Springfield, MAo Livingston, NJ
• Over 250 professionals
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• Loan forgiveness
• Q & A
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Agenda
• Covered periodo 8 weeks following disbursement of funds
• Costs eligible for forgivenesso Payroll and related costso Mortgage interest o Rento Utilities (electric, gas, water, transportation, phone, internet)
• 75% of loan forgiveness must be attributable to payroll and related costs
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Loan Forgiveness
Total loan forgiveness may be reduced if either:
• There is a reduction in your Full Time Equivalent Employee’s (FTEE’s) during the 8-week covered period in comparison with reference period, as definedo Forgiveness is reduced proportionately
• There is a reduction in wages on an employee basiso Comparison of all employees with < $100K in wages in 2019 with most recent full
quarter that employee was employedo For each employee whose wages decreased by more than 25%, there is a
corresponding decrease in forgiveness amount
• Rehiring employees
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Loan Forgiveness
• SBA has not yet published guidance on forgiveness
• Borrowers are required to provide lenders with documentation to support the amount of the forgiveness request
• Best practices to prepare for forgiveness processo Gather and maintain all documentation
− Payroll information− Supporting invoices/cancelled checks− Original agreements
o Maintain a tracking worksheet for all payroll costso Speak with your lender on their specific requirements
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Loan Forgiveness
Presenters
RYAN M. GORMAN, CPAPrincipalWolf & Company, P.C Direct: (413) [email protected]
DANIEL F. MORRILL, CPAPrincipalWolf & Company, P.C Direct: (413) [email protected]
Questions?
Submit questions live through the Questions panel in GoToWebinar
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Additional Resources
For more resources on PPP Loan Forgiveness and FAQs, visitwww.capecodfive.com/PPP-loan-forgiveness-resources
For specific inquiries relative to your PPP Loan, please contact Cape Cod 5 via the secure portal.
We also invite you to explore Wolf’s COVID-19 resource center at www.wolfandco.com/covid-19-resources.
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