Episode 028: PPP Loan Forgiveness

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All information published represents our views at the time it was produced. Access all of Warren Averett’s Paycheck Protection Program by date on our COVID-19 PPP Resource Page

As many companies begin to receive funding as part of the Paycheck Protection Program, businesses are turning their attention from navigating the application process to allocating their own use of the funds and understanding loan forgiveness.

In this episode of The Wrap, Adam West, CPA and David Crabtree, CPA join our hosts to discuss what companies can do to gain an accurate understanding of the provisions in the PPP and the steps to take to maximize their loan forgiveness.

Discussion in this podcast episode includes:

  • Which expenses are eligible for loan forgiveness and which aren’t
  • Tips for keeping records so that you have the right documentation for loan forgiveness
  • Guidance for financial statements and what loan forgiveness means for you company’s taxes
  • How loan forgiveness will be calculated

Click here to read more about Accounting for PPP Loan Activity

This episode reflects our views at the time this podcast episode was released and should be used as reference only. We recommend that you talk to your Warren Averett advisor, or another business advisor, for the most current information or for guidance specific to your organization.

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