PPP Loan Forgiveness Application

    Today we're going to be taking a look at the PPP Loan Forgiveness Application, which was released on Sunday, May 18. We're going to go through it. I am recording a video of this as well, which will allow us to, if you'd like on our website, I'll have a link to the video. We'll have our standard transcript. We'll have a link to the forgiveness application itself. But if you'd like to watch a video where we go through it together, that would be awesome. As I said, I'm going to record that, and this way we can work on it together and kind of go through it piece by piece. So open that up now.  Now, in the meantime, if you haven't already, please subscribe to our podcast and notifications at peopleprocesses.com we're also available on iTunes, all the podcatchers of your choice, Google podcasts, Stitcher, whatever you'd like Spotify, check us out on there so that you know when we have great updates like this.  Now, I'm going to switch over and I'm now sharing my screen. So let's take a look and dive in.  Okay. So the PPP Loan Forgiveness Applications, this goes first of all back to your lender, it does not just get sent off to the SBA, that's a very important thing to know. You want to start with that now, there's a lot of different pieces to it. There's a calculation for us, a couple different schedules and worksheets, demographic information form, which is optional. The primary things that you must do are the Forgiveness Calculation Form and Schedule A. There's also like I said, a worksheet on that so that you can kind of calculate some of them. Now, there are lots of definitions on the first page. There's a couple of pretty straightforward ones. Your PPP Loan Number, your Business Legal Name, all those. There are a few key ones, the PPP Loan Disbursement Date, this is the date that an Employee looks, sorry, the Loan Disbursement Date, this is the date that the money hit your account. Okay? So you need to have this, I didn't realize that my screen wasn't sharing. So I apologize. That's why I slipped up there for a minute. So the date you received the PPP loan proceeds from the lender if the loan proceeds were treated on more than one date into the first date on which you received PPP loan proceeds. Now one question we have at this time is if you've received the money, they pulled the entire amount back and deposited a different amount. Which one do you use? Ask your lender. But most people seem to be thinking that this is going to be the latter date even under that scenario. If you received multiple disbursements to come up to a certain amount, then it would be the first one.  If you have EIDL numbers, those sorts of things go in there. This is important because we're going to ask about the Payroll Schedule and the Payroll Schedule affects the covered period. Enter the eight weeks which is a 56-day covered period of your PPP loan. The first day of the coverage period must be the same as the PPP loan disbursement date. If you receive your proceeds on, for example, Monday, April 20. the first day of the cover period is April 20 and the last day of the cover period is Sunday, June 14. Now, this is very important. There is an alternative payroll cover period you can use. This is for administrative convenience borrowers with a bi-weekly or more frequent payroll. So those are your weeklies as well, may elect to calculate eligible payroll costs using the 56-day period that begins on the first day of their first pay period following the PPP Loan Disbursement Date. For example, if the borrower received its PPP loan proceeds on Monday, April 20, and the first day of its first pay period following, its PPP...