Farm Credit East Presented Webinar to Review the Paycheck Protection Program and Forgiveness

July 23, 2020

Farm Credit East hosted a webinar on Thursday, July 23, to present a top-to-bottom guide on preparing for Paycheck Protection Program (PPP) loan forgiveness.

Many Northeast businesses and employees have benefited from loans approved through the PPP and are now focused on achieving maximum forgiveness of the loans. While the forgiveness process has not been finalized, businesses should start preparing so they are ready when lenders start taking forgiveness applications.

This webinar reviewed the key records and calculations for forgiveness, including:

• Payroll records in your reference period and during the forgiveness period
• Full-time equivalent calculations and how to avoid reduction penalties
• Rate-of-pay calculations
• The taxes that should (and shouldn’t) be included in your payroll expenses
• Eligible, non-payroll expenses and how they should be documented
• Available forgiveness timelines – 24 weeks vs. 8 weeks

Along with this review, consultants Keith Dickinson and Erin Pirro discussed recent program developments. Click here to view the recording from this webinar.