The Paycheck Protection Program (PPP) Loan Forgiveness Application has been made available from the Treasury Department.
The main benefit of a PPP loan is the ability to have the principal balance of the loan forgiven if the loan proceeds have been spent on qualifying costs. In a previous article, we outlined a summary of relevant considerations to the debt forgiveness component, but recommend that you consult with a professional to better understand the details and application to your specific situation.
P&N has developed tools and processes to help our clients track eligible payroll and non-payroll costs, as well as calculate debt forgiveness amounts to aid in compliance with the PPP. Please contact us if you would like to learn more about this service.
As we navigate challenges and opportunities related to the Paycheck Protection Program, P&N’s dedicated professionals are committed to understanding and applying this information to help our clients. Connect with your P&N advisor to discuss your organization’s questions, concerns, and priorities.