Paycheck Protection Program Loan Forgiveness with Gerri Detweiler
What you need to know about Paycheck Protection Program Loan Forgiveness for your small business with Gerri Detweiler. What do you need to do next? Gerri joins us to share the latest information on SBA guidance on how to qualify and what steps to take to be consider for loan forgiveness.
NOTE: You must consult with your small business CPA, Accountant or Tax Attorney before making any decisions and before applying for PPP Loan forgiveness. There may be tax implications specific to your situation.
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Gerri Detweiler is a leading, nationally recognized financing and credit expert, with more than 20 years of experience. During the 2008/2009 financial crisis, Gerri was interviewed hundreds of times, providing insightful expertise and actionable advice for traversing the turbulent landscape and unknown change. Today, she serves as Education Director for Nav, the trusted financing partner of over 1.2 million businesses, where she gives Nav’s customers certainty in an uncertain world through expertise and actionable advice.
Topics addressed on this episode include:
- What is the latest status on PPP (Paycheck Protection Program) forgiveness?
- What is the difference in applying for forgiveness if you are self-employed versus businesses with employees?
- Do restaurants have a particular advantage on forgiveness?
- How do you actually apply for forgiveness?
- Does each bank have its own interpretation of the forgiveness rules, or do they have to follow the SBA guidelines uniformly?
- How soon do you have to apply and is there a benefit to waiting? What are the deadlines?
- What if you don’t get full forgiveness? What are the terms of the loan? Are there two sets of terms depending on when you got the loan?
- If you apply for forgiveness does it impact your likelihood of getting financing in the future? Does it affect my personal or business credit?
- Where can we get help completing the forgiveness application?
- What should I be doing next on this as a business owner?
Episode Host: Henry Lopez is a serial entrepreneur, small business coach, and the host of this episode of The How of Business podcast show – dedicated to helping you start, run and grow your small business.
- New PPP Forgiveness Application (full SBA application) Instructions
- New EZ SBA Forgiveness Application Instructions
- How to Fill out the PPP Forgiveness Application EZ Form
- 7 Ways the Paycheck Protection Program Flexibility Act Can Help Your Business
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