The PPP Flexibility Act and Comparing PPP Loan and EIDL

Tuesday, June 2, 2020

Jo Ann Koontz, Marina Parkin and Jackie Durham discuss recent legislation (Paycheck Protection Program Flexibility Act), updated comparison between PPP and EIDL, and your questions about PPP.

1:45 Paycheck Protection Program Flexibility Act - What is it?

5:58 When is the loan forgiveness application due?

11:50 Discussing the need for the PPP funds.

15:09 Does the amount of debt forgiveness apply to 2019?

17:58 Schedule C expenses are tied to 2019.

18:28 Discussing paycheck swings: No income from May to June but closing check in July is more than amount received from PPP.

21:50 60 day bank review timeline. When is forgiveness application due?

26:25 Documenting number of employees.

30:18 Can I apply for PPP if already received an EIDL loan? Can I qualify for forgiveness of both loans?

37:15 Will Koontz and Parkin, CPAs complete forgiveness application?

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