Skip to content

A Helping Hand or a Nightmare? Navigating SBA PPP Loan Forgiveness

Back in April of 2020, I shared some how to’s related to applying for the SBA PPP loan. Since then, the rules governing both the application process and the loan forgiveness criteria have been amended multiple times.

I recently conferenced with a business contact of mine who is heavily involved with monitoring business legislation, educating legislators on the perspectives and needs of small businesses, and figuring out the ins and outs of regulations once they’re passed by city, state or federal governing bodies. Her contacts have advised her to not apply for loan forgiveness until near the end of her forgiveness application window because the ever-evolving SBA PPP loan guidelines changes have for the most part been positive for small businesses, and waiting could allow her to benefit the latest amendments at that time.

But this strategy might not be the best for you. Therefore, it is absolutely vital that you remain in contact with your company’s leadership and tax and legal advisors to make sure you’re proceeding in the most beneficial way possible for your company.

To help you navigate the latest and greatest updates, here’s a round-up of SBA PPP Loan information.

From the Department of the Treasury or the Small Business Administration

SBA FAQ updates page

June 16, 2020 – Updated Loan Forgiveness Application EZ Version – for certain borrowers who require less documenation/calculations, e.g. certain self-employed or those with zero employees

June 16, 2020 – Updated Loan Forgiveness Application – supposedly more “borrower-friendly”

May 27, 2020 – FAQs about PPP Loan

May 15, 2020 – Loan Forgiveness Application

April 20, 2020 – Interim Final Rule Eligibility Criteria from the Treasury Department

From the Internal Revenue Service

April 30, 2020 – Deductibility of expenses paid with PPP funds

Coronavirus tax relief info directly from the IRS – for businesses and tax-exempt entities

Filing and payment deadlines

Articles

May 26, 2020 – SBA rules on using PPP loan funds for bonuses

May 22, 2020 – Be prepared to be scrutinized for years

May 15, 2020 – Could you be in danger of PPP fraud charges? Here’s what lawyers are saying about the potential risk

May 11, 2020 – Loan Forgiveness Under The PPP And SBA EIDL Programs: 10 Things Small Businesses Need To Know

The SBA PPP Loan program is a complicated work in progress. As I mentioned earlier, it’s critical that you get updates from your tax and legal advisors as to how to best proceed.

Bookmark this page to check back for updates!

About Helene Segura, M.A. Ed., CPO®

As The Inefficiency Assassin™, Time Management Fixer Helene Segura empowers professionals on the go with the tools to slay lost time. Personal inefficiency at work leads to increased stress levels, lower morale, higher absenteeism, more turnover – and rising spending on employee health care and hiring. Why not improve productivity, decrease stress levels, and increase profits instead? The author of four books – two of which were Amazon best-sellers – Helene Segura has been the featured organization expert in more than 200 media interviews. She has coached hundreds of clients to productivity success and performance improvement by applying neuroscience and behavioral modification techniques to wipe out destructive, time-wasting habits. Helene turns time management on its head by sharing both client case studies and pop culture examples to teach her mind-bending framework for decreasing interruptions, distractions and procrastination so that companies can spend more time generating revenue.

Leave a Comment