PPP Loan Forgiveness
For businesses that have received PPP loans and are wondering about loan forgiveness procedures, we checked in with our friends Shane Edwards, Managing Partner, and Greg Hyde, Partner at Squire, one of Utah's largest CPA and advisory firms. Shane and Greg pointed us to resources that they have posted on Youtube:
1. Payroll Projection Program Forgiveness Application Update: https://www.youtube.
com/watch?v=VAxtc4OFd6Y. A Squire webinar featuring Megan Bronson. 2. Cash Flow Scenario Planning in a COVID-19 World: https://www.youtube.
com/watch?v=PxYO29vwi9E. A Squire webinar featuring Colton Kreth and Joseph Spillner introducing a Scenario Planning methodology and tool to help businesses model the financial outcome of alternative scenarios based on internal and external influences (i.e. cause and effect relationships of scenarios that may or may not come to fruition in the future to help us plan). This methodology and tool provides a means for companies to visualize the future for better decision making in this uncertain COVID-19 environment. 3. Cash Flow Scenario Planning in a COVID-19 World: https://www.youtube.com/
watch?v=PxYO29vwi9E A Squire webinar featuring Colton Kreth and Joseph Spillner introducing a Scenario Planning methodology and tool to help businesses model the financial outcome of alternative scenarios based on internal and external influences (i.e. cause and effect relationships of scenarios that may or may not come to fruition in the future to help us plan). This methodology and tool provides a means for companies to visualize the future for better decision making in this uncertain COVID-19 environment. 4. Squire recommends AICPA's blog post explaining reasons why NOT “to rush to forgiveness”-- although posted in mid-July, the reasons it mentions are still valid.
Remember, ongoing PPP clarifications, longer measurement periods, and technology glitches with lenders are among the good reasons not to rush in to applying for PPP forgiveness.
