Article from the Walz Group.
As we continue to work through the various aspects of the CARES Act and related PPP loans, many of you have been asking about the forgiveness components of the Act. We are here to help you plan for the coming weeks by offering our assistance and some tools for navigating the forgiveness portion of the PPP Loans. We know that you will be balancing decisions that are best for your business along with ways to maximize loan forgiveness. Our Walz Group experts are ready to handle your requests and needs as you plan for and eventually calculate forgiveness.
In the short-term, that may be calculating full-time equivalent employees for applicable periods that have passed. In the long term, it may include helping you with the calculation of specific amounts when you apply to your lender for loan forgiveness.
As you start to think about forgiveness, we wanted you to have a few resources:
- A summary of talking points of frequently asked questions and our general viewpoints on specific aspects of the Act.
- A “simple” spreadsheet that allows for various scenarios and high-level planning for forgiveness
- A “complex” spreadsheet that dives into nearly all the details of the Act in calculating a forgiveness amount.
Please note that these files are for planning purposes and in some cases involve our interpretation of law as complete official guidance has not yet been provided. We are constantly receiving additional clarification on aspects of the Act and will pass them along as they come in. We hope to have an SBA-provided application for forgiveness in the coming weeks. In the meantime, we wanted you to have the tools available to us.