Paycheck Protection Program: Implications of the loan forgiveness plan

Small businesses across the country have received loans from the SBA Paycheck Protection Program (PPP). These loans have been tremendously popular, provided much-needed capital to businesses affected by COVID-19 and have an unprecedented loan forgiveness provision written in the loan.

Some preliminary and general guidance has been released related to loan forgiveness, but there are still many unanswered questions as guidance continues to evolve.

Join Wipfli tax partner Greg Butler and Godfrey & Kahn attorney Jennifer Wolff as they discuss some of the most common questions businesses are posing regarding the PPP.

They will address topics such as:

• What costs are eligible for loan forgiveness?
• Are there limitations on loan forgiveness?
• What documentation is needed to submit an application?
• What are the federal income tax implications of the loan forgiveness?