In this recording, Nate discusses PPP loan forgiveness and answers questions.
You can access the full recording here:
Webinar Recording – PPP Loan Forgiveness Review with Q&A 2.0
Slide Deck – PPP Loan Forgiveness Webinar (5.21.20)
PPP Forgiveness Webinar
Nate will be hosting a webinar at 5:15 PM PDT on May 21, 2020. Register for the webinar here.
In this webinar, Nate will cover:
- Principles of PPP Loan Forgiveness
- Updates from the SBA and Treasury on forgiveness rules
- Plan and timeline for helping PFG clients apply for forgiveness
Please be sure to register and come prepared with any questions you have!
PPP Loan Forgiveness: What We Know, and What is Still Unknown
As a team, we have spent hundreds of hours researching, studying, and learning about the Paycheck Protection Program (PPP). Collectively, we know more than most when it comes to this loan and how it works. Nevertheless, at this point in time the SBA and Treasury have left several questions unanswered. Each day we scour our resources for new information and will continue to do so. In the meantime, here is a summary of everything we know about PPP forgiveness, as well as questions that are still unanswered.
PFG’s Employment Guide For Returning to Work
A month ago, we published our blog post “PFG’s Employment Guide During COVID-19 Crisis.” At the time, offices across the country were shutting down. Now, after a month in hibernation, dental practices are slowly beginning to reopen, bringing a whole new set of questions and concerns.
First, let me disclaim the obvious: we are not HR specialists. On our team, we have eight CPAs but not one CPA-level organizational behavior person. Fortunately, there are many smarter than me in this area who are sharing a lot of good information and ideas on the topic of human resources.Read More
You’ve Received the PPP Funds – Now What?
Many of our clients around the country have received (or will soon receive) funds from the PPP loan. The next obvious question to arise is this: now what?
At the time of this writing (10:13 AM PST, April 23, 2020), the SBA has not given all the guidance that will come regarding forgiveness of the loan. There is still a lot that we don’t know about the forgiveness process and calculation. Here is what we do know:
- The Federal Government is a very blunt instrument (think: root canal with a baseball bat); many people will try to defraud of this program; other intended beneficiaries will miss out. As such, the government will be making many changes over the coming weeks in an effort to better direct the use of funds toward their intended purpose. Some of these changes may benefit you, others may not.
- After the 8-week period is up (or sometime thereabouts), the bank who gave you the PPP loan will have a process for you to apply for forgiveness.
- The banks want as much of these loans forgiven as possible – they do not want a 1% loan on their books.
Additional PPP Funds Pass Senate – Apply Now
Yesterday (April 21), the Senate passed additional funding for the PPP loan program. Here is a summary of what was passed:
- $484 billion – size of total relief package
- $310 billion – allocated to PPP
- $250 billion – available to all banks
- $60 billion – reserved for “smaller lenders”
The House of Representatives needs to approve this funding and is set to vote on Thursday (4/23); if passed, the President is expected to sign this into law shortly thereafter. We expect that the SBA system will reopen the funding of the PPP loans this week—possibly as early as Thursday! If you have not yet applied for the PPP loan, and want to do so, we recommend that you apply today.Read More
Webinar Recording: COVID-19 Financial Update for Doctors
In this webinar, Nate discusses updates on the PPP Loans and answers questions.
You can access the full recording of the webinar here:
Webinar Recording – COVID-19 Financial Update for Doctors Webinar 4.10.2020
Slide Deck – COVID-19 Financial Update for Doctors Webinar 4.10.2020
Webinar Recording: PPP Loan Updates and Q&A 4.7.20
In this webinar, Nate discusses updates on the PPP Loans and answers commonly asked questions, including those mentioned below.
You can access the full recording of the webinar here:
Webinar Recording – PPP Loan Update and Q&A with Nate Williams – 4.7.2020
Q&A Slide Deck – COVID-19 Webinar (4.7.20)
How to Apply for the PPP Loan
Applying for the PPP Loan
Unlike the EIDL loan which had one lender (the SBA itself), each bank will have its own process for applying for the PPP Loan. We do believe, however, that applications will be similar enough that this information will be helpful in your effort to apply.
The first step is to calculate 2.5 times your average monthly payroll expenses. For PFG clients, we have calculated this number for you and have emailed this number directly to you. Applications also ask for the amount received under the EIDL loan. If you have not received any money from that program as of the time you apply for the PPP loan, put zero for this question. If you have received funds for the EIDL loan, input that number.Read More
Upcoming PFG Webinars (4/7/2020 and 4/10/2020 @ 1pm PST)
The financial landscape for doctors has changed daily (literally) in the past month; this change has accelerated since President Trump signed the CARES Act on March 27, 2020. In the upcoming webinars listed below, I will discuss the newest information we have and what you should be doing.
April 7, 2020 @ 1pm PST
- Subject: PPP Loan Update and Q&A; what we’ve learned and what to do now.
- Link to register: https://us04web.zoom.us/webinar/register/WN_zbLrM3_4TSu-Qpaxq3lzGQ
April 10, 2020 @ 1pm PST
- Subject: COVID-19 financial recap, lessons learned, what you should be doing now, and Q&A.
- Link to register: https://us04web.zoom.us/webinar/register/WN_N131eciwSU6Ox1ZAHWIrwg
