Paycheck Protection Program (PPP) Overview from Paychex
SBA PPP loans have been received by our businesses both for profit and non profit, clients. Forgiveness is not assured. Others have applied and are still waiting to hear about approval or simply waiting for the funds. There are a number of borrowers we have heard from who do not expect to take full advantage of forgiveness. The thinking is that even if not forgiven it is non personal recourse borrowing.
If you are interested in forgiveness, PayChex put on a good presentation Friday. There are pitfalls in the forgiveness; keep good records and as best you can calculate what might be forgiven before spending it. PayChex put on a good presentation Friday, 4/24. Here are the slides about PPP (Paycheck Protection Program) and business loan forgiveness.
You can also view the webinar.
These resources include good rule summaries for loan forgiveness along with how they are calculated by Paychex. They promise tools as well on their website.
Expect guidance from your payroll provider, and consult with legal professionals for assistance. This is a forever changing landscape.