We are entering the final stretches of completing applications for Paycheck Protection Program loan forgiveness, and we are offering a webinar to McDonald’s owner/operators to provide some updates on the process and what to expect.
Since the PPP loans were introduced in the spring, there have been changes and clarification over the months to forgiveness and reporting criteria. Even now, questions remain about whether expenses paid for with PPP loan funds will be deductible.
Just this month, the Small Business Administration released more guidance regarding PPP loans, forgiveness and repayment.
For instance, on Oct. 2, the SBA unveiled new procedures for PPP loans when a change of ownership has occurred. This guidance defines what constitutes a “change in ownership” and what the PPP borrower remains responsible for, even after a change in ownership occurs.
Then, on Oct. 7, the SBA issued guidance clarifying the deferral period for repaying PPP loans. According to the SBA, borrowers would have six months after receipt of the PPP loan funds to begin repayment if they do not apply for loan forgiveness. With loans being issued beginning in April, the six-month deferral period is ending in October. However, the SBA this week extended that period to 10 months after the end of the borrower’s covered period.
With so much to unpack, Frank McLaughlin, a partner with Antares Group, will lead a short webinar next week taking a comprehensive look at where things stand today and offering you guidance completing your PPP loan forgiveness application.
We invite you to take advantage of this free webcast and register today by clicking here.