Jo Ann Koontz, Jackie Durham (Koontz & Associates, PL) and Marina Parkin (Koontz & Parkin, CPAs) take a deep dive into the exemptions and safe harbors related to the two PPP loan forgiveness applications. Additionally, strategies and critical information about documentation that will or may be required for your loan forgiveness is explained.
2:02 General rule for reduction of employees and forgiveness.
3:30 Full-time employee exceptions: rejection of rehire, rejection of restoration of hours, and firing of employee
6:12 Limited operation
9:37 Restoration or employees
10:25 Spent funds before expiration of cover period? When to apply for forgiveness?
24:52 Documentation to submit
26:28 Tax forms
28:22 Bank account statements or third-party payroll service provider report
35:18 Retirement plan documentation
39:15 Non-payroll documentation: business mortgage interest, business rent or lease payments, and business utility payments.
56:13 Short vs long form application documentation