To PPP or Not to PPP, That is the Question-To PPP or Not to PPP, That is the Question

Video Transcription

Video Summary

In this webinar on the PPP program, Joe Good, Mark Leitner, and John Halpen from Lackey, Leitner & Good, a Milwaukee-based law firm, discuss the key aspects of the Paycheck Protection Program (PPP). They outline the eligibility criteria and the allowable uses of the PPP funds, which include payroll costs, rent, utilities, and mortgage interest payments. They emphasize the importance of maintaining documentation of how the funds are used, as it is necessary for the forgiveness application process. The speakers also address the issue of loan forgiveness, explaining that certain criteria, such as maintaining employment levels and not reducing salaries, need to be met in order for the loan to be fully forgiven. They note that some portion of the loan may not be forgiven and will need to be repaid with interest. The speakers discuss the certification of necessity that applicants need to make and the lack of clarity surrounding the term "necessary." They also highlight the potential tax implications of the PPP program, noting that while the loan amount is not taxable, certain expenses paid with PPP funds may not be deductible. The speakers recommend consulting with accounting and legal professionals to navigate the complexities of the program and to seek clarification on specific questions and concerns. They also encourage participants to engage with their lawmakers and communicate their experiences and challenges with the PPP program.

Keywords

webinar

PPP program

eligibility criteria

PPP funds

loan forgiveness

documentation

employment levels

repayment

tax implications

deductible expenses

communication