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May 7, 2020
Having second thoughts? Not sure you meet the “Need Certification” section of the application? You have until May 14 to repay your PPP loan without consequences.
To help ensure the funds go to businesses truly in need, Treasury Secretary Steven Mnuchin has announced a full review of all PPP loans over $2 million.
Unlike what many business owners believe, the 75% of the loan you spend on payroll does not make the entire loan forgivable. Don’t get caught by surprise. We can help you estimate how much of your loan is eligible for forgiveness.
Congress and the Treasury Department have differing opinions about whether business owners can deduct certain expenses if their PPP loan is forgiven. We expect more guidance on this issue. It may be addressed in a future stimulus package.
Please read important disclosures here.
Brett Dearing is a Partner and Exit Planning Specialist in the New York office with almost thirty years of experience working with privately-held businesses and...
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