Armanino Blog

Video Series: Preparing for the Paycheck Protection Program (PPP)

May 15, 2020

(Updated 02/11/2021)

The SBA’s Paycheck Protection Program (PPP) continues to evolve. Round 2 of the program is officially here, and eligible companies include first-time loan applicants and those who previously received a PPP loan. In this video series, our experts unlock the PPP “black box” and walk you through key changes, what to consider, and how to navigate the cumbersome application and forgiveness processes.

Connect with the Armanino team to support your PPP process today.

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Episode 11: Federal and State Tax Implications

There has been a lot of conflicting information about the tax implications for PPP loan recipients. While it’s clear at the federal level, it’s not as straightforward for individual states. Our PPP experts walk you through the details regarding which states aren’t offering forgiveness and where your loan is tax deductible, and offer guidance for organizations operating in multiple states.

Episode 10: Economic Necessity Form 3509

If your business received, or will receive, a PPP loan of $2 million or more, you will need to file a Form 3509 to be eligible for forgiveness. In this video, our experts explain how to navigate the form’s open-ended questions, when to file it, what supplemental documentation to include, and the story you need to tell to keep your application from being rejected.

Episode 9: Forgiveness of First or Second Draw Loans

Whether you have an existing first draw loan or a new first or second draw loan application, the SBA has expanded the eligibility criteria for PPP loan forgiveness. Learn the ins and outs from our experts, so you can optimize the use of your loan and increase the likelihood of having it forgiven.

Episode 8: New First Draw Loans

If you’re looking to apply for a first-time PPP loan or missed out on a previous round in 2020, you can still qualify! Our PPP experts walk you through the new types of organizations that are eligible, the expanded list of covered expenses and other nuances to the application process that can help ensure you qualify for a loan.

Episode 7: Differences Between First and Second Draw Loans

Are you a small business owner wondering how to measure a 25% decrease in revenue or gross receipts? Did you take the maximum 2.5X payroll in the first round and want to know if you need to apply for loan forgiveness before taking a second loan? In this short video, our experts break down the key differences between first and second draw loans, eligibility and navigating the application process.

Episode 6: PPP Loans: PPP Forgiveness and Implications of the Flexibility Act

In the sixth episode of the PPP video series, our team discusses the PPP Flexibility Act, answering many of the frequently asked questions around loan forgiveness and what you need to know moving forward.

Episode 5: PPP Loans: Use of Funds and How They Factor Into Forgiveness

In the latest installment of our PPP loan forgiveness series, we’re diving into the uses of funds and how they factor into your forgiveness. Experts John Schweisberger and Jenn McCabe dig into a new round of FAQs on what’s allowed including payroll costs, the rules behind “incurred” versus “paid”, what can be included under your expenses and more.

Episode 4: Key Factors That Could Lower Your PPP Loan Forgiveness Amount

On today’s PPP Loan Forgiveness episode, we discuss the two key factors around PPP loan forgiveness reduction that could lower your forgiveness amount.

Episode 3: PPP Loan Forgiveness Calculations Update

The SBA has published guidance around the PPP loan forgiveness calculations. Episode three of our video series examines the details of the somewhat complicated application borrowers will need when seeking forgiveness of their PPP loan balances.

Episode 2: Answering the FAQs Around PPP Loan Forgiveness

Dive deeper into some of the frequently asked questions around PPP loan forgiveness. Armanino partners John Schweisberger and Jenn McCabe discuss the most common concerns and questions related to the PPP process and how you can prepare your organization for loan forgiveness.

Episode 1: Are You Prepared for PPP Loan Forgiveness?

Explore the details of the Payroll Protection Program (PPP) and how to prepare for loan forgiveness. Armanino expert John Schweisberger digs into the known and unknown variables and takes a deeper look into the qualifications for forgiveness.

May 15, 2020

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