Dispatch #40 - Maximizing PPP Loans Forgiveness, Part III

With the recent FAQ #46 guidance answering the question of whether small businesses should keep their PPP loans, the focus is once again on how to maximize your loan forgiveness.
 
If your company received PPP loan funds, I’d encourage you to join tomorrow’s webinar by Albin, Randall & Bennett.  
 
You can also find a wealth of resources on how to track costs and maximize loan forgiveness on their website. It’s an excellent self-help option if you’re not looking to hire a CPA or third party to handle the process for you.
 
Regardless of who is leading your firm’s effort to maximize PPP loan forgiveness, it’s worth staying current on the details. For instance, as noted in this summary article at Entrepreneur.com, it has recently been clarified that:

• “Full-time” is calculated based on 40 hours per week

• Vehicle and equipment loan interest can be included in the forgiveness calculator.

And finally, the SBA has issued a Loan Forgiveness Calculator (look for revisions soon) that borrowers will submit to their lender after completing their eight-week disbursement period.

Need help with this or other financial matters faced by construction contractors? Let’s talk!

David Stern CFO makes every effort to provide useful and accurate information. This content, however, is not intended as a substitute for specific business-related financial advice. We disclaim all warranties and liabilities from its use.