(513) 858-6040 
info@kirschcpa.com
Secure File Upload
Pay
Client Center
Paycheck Protection Loan Forgiveness Guide
Apr 17, 2020
The Paycheck Protection Program (PPP) has gathered more attention in a short period than any business topic in recent memory – and for good reason. It provides businesses with a much-needed lifeline to get beyond 
the current crisis by use of a potentially forgivable loan.
Once loan proceeds are received, attention must be turned to strategic uses of the loan proceeds. We have prepared a detailed white paper that can be used as a guide for the paycheck protection loan forgiveness process.
Executive Summary of Key Action Steps
- Understand that loan forgiveness is not automatic and will require planning and management. Planning must begin immediately upon receipt of loan proceeds.
- Understand the key points in managing loan funds strategically.
- Deposit the loan proceeds in a separate account to the extent feasible. While not required, it may assist with future tracking and documentation.
- Understand the four eligible expense categories.
- Do not manage your business for “forgiveness at any cost.”
- Understand the key metrics (headcount and wage continuation) in determining loan forgiveness.
- Understand the documentation required to achieve loan forgiveness.
- Contact Kirsch CPA Group at 515-858-6040 to assist you through the forgiveness process.
There are many unanswered questions regarding the eligible uses of loan proceeds and the requirements to achieve paycheck protection loan forgiveness. We monitor developments continually and will update this Paycheck Protection Loan Forgiveness Guide as appropriate.
If you are unsure of the next steps, or just need more help developing a solid plan for your business, reach out to your Kirsch CPA adviser for more information or advice at 513.858.6040.
About The Author
As a highly energetic business leader and entrepreneur, John has a passion for helping businesses and nonprofits reach…
Related Articles
Selecting the Right Payroll System for Your Construction Business
- 04-01-21
- Kirsch CPA Group
Self-Employed May Be Eligible for COVID-Related Tax Breaks for 2020
- 03-17-21
- Kirsch CPA Group
COVID-19 Relief: Overview of the New American Rescue Plan Act for Individuals
- 03-17-21
- Kirsch CPA Group
COVID-19 Relief: Business Overview of the New American Rescue Plan Act
- 03-17-21
- Kirsch CPA Group
Biden Executive Orders Signal Coming Employment Regulation Changes
- 02-18-21
- Kirsch CPA Group
Opportunity Zone Investments: A Tax Deferral Opportunity You May Have Overlooked
- 02-17-21
- Chad Williams
The Status of Temporary COVID Tax Relief Measures After the New Law
- 01-21-21
- Kirsch CPA Group
8 Accounting Practices for a Financially Healthy Construction Business
- 01-07-21
- Kirsch CPA Group
Appropriations Law Adds Some Business Tax Breaks and Extends Others
- 01-07-21
- Kirsch CPA Group
Contending With the Patchwork of State Requirements for Nonprofits
- 12-17-20
- Kirsch CPA Group
Employee or Independent Contractor? The Rules May Be Getting Simpler
- 11-12-20
- Kirsch CPA Group
Do the COVID-19 Extended Deadlines for Health Plans Still Apply?
- 11-12-20
- Kirsch CPA Group
Using Remote Workers? Protect Sensitive Company Data from Exposure
- 10-28-20
- Kirsch CPA Group
What You Need to Know About the Deferral of Payroll Tax Obligations
- 09-15-20
- Ryan Kilpatrick
Hobby or Business? How to Treat COVID-19 Sideline Activities for Taxes
- 09-15-20
- Kirsch CPA Group
Monitor These 3 Things as COVID-19 Changes Your Nonprofit’s Priorities
- 08-11-20
- Kirsch CPA Group
FASB Offers Reprieve from Updated Lease and Revenue Recognition Rules
- 07-23-20
- Kirsch CPA Group
COVID-19 Crisis May Affect Tax Angles for Rental Property Losses
- 07-10-20
- Kirsch CPA Group
Last-Minute Strategies for Businesses that Deferred Filing Tax Returns
- 07-01-20
- Kirsch CPA Group
Can Your Business Survive and Even Thrive in These Trying Times?
- 06-18-20
- Kirsch CPA Group
Five COVID-19 Obstacles a Construction Company Needs to Navigate
- 06-12-20
- Kirsch CPA Group
Cash Flow Tip: Postpone Payment of Certain Federal Employer Payroll Taxes
- 04-20-20
- Sue Schloemer
Tax Filing Deadline Remains April 15 – Payment Due Extended to July 15
- 03-19-20
- John Kirsch
Do you use a PEO and own a business? You may be eligible for a refund!
- 06-20-18
- Katelyn Elmore
8 strategies to help you adapt to economic down turn without layoffs
- 02-24-18
- Diane Glover
Which Research Activities Qualify for the Qualified Small Business Tax Credits
- 07-17-17
- Diane Glover
