The Long and Winding Road to Achieving Loan Forgiveness Under the Paycheck Protection Program

Since the enactment of the CARES Act on March 27, 2020 it has garnered considerable attention. One program that generated significant excitement is the Paycheck Protection Program (PPP), because it appeared to offer small business owners an incredible opportunity for relief from the economic crisis caused by the Coronavirus pandemic. Unfortunately, guidance has been released in a piecemeal fashion making it difficult to know the requirements. With all the challenges business owners have faced so far in maneuvering the PPP provisions, the greatest test will be whether the average PPP borrower will be able to shift through all the guidance to find how to qualify for the maximum loan forgiveness amount.

Owners will likely need assistance to make sure they are able to maximize forgiveness. This Counselor’s Corner discusses some of the primary questions financial professionals are likely to face as they assist their business clients with their loan forgiveness applications.

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