Since the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020, it has garnered nationwide attention. A program that generated significant excitement from the small-business community is the Paycheck Protection Program (PPP), because it appeared to offer owners an incredible opportunity for relief from the economic crisis caused by the coronavirus pandemic. Unfortunately, guidance has been released in a piecemeal fashion, creating difficulty in the implementation of the requirements. With all of 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 sift through all the guidance to find how to determine forgiveness. This article will help financial professionals understand the criteria to achieve forgiveness of PPP loans.
Author: Suzanne M. Gradisher, JD, MTax, MBA, CPA (inactive), is an associate professor of business law at the University of Akron. She previously served as the director of the university’s CFP Board of Standard’s Inc. registered program and faculty advisor to the school’s FPA student chapter. She focuses her research on accounting, taxation, financial planning, and law.
Author: Terri Tassell-Getman, JD, CLU, ChFC, RICP, AEP (Distinguished), is the business development director for Diversified Brokerage Services. Terri’s focus has been on educating advisors on the appropriate use of life insurance in the estate, business, retirement, and executive benefit markets. Terri served on the board of directors for the Society of FSP and was the recipient of its 2015 Kenneth Black Leadership award.
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