Deep Dive: Preparing Your Paycheck Protection Program Loan Application
Deep Dive: Preparing Your Paycheck Protection Program Loan Application
The Paycheck Protection Program (“PPP”) provisions of the Coronavirus Aid, Relief and Economic Security (“CARES”) Act offer US businesses with fewer than 500 employees the opportunity to apply for up to $10 million in forgivable loans to offset the costs of payroll, certain employee benefits, rent, certain kinds of interest, and utilities. The application is made through an organization’s existing corporate banking relationship, but guaranteed by the Small Business Administration.
If you attended our webinar on April 1 which addressed The CARES Act in general, you heard about this program at a high level. Media reports indicate, however, that there is still some amount of confusion, for many SMB companies about the program, its benefits, and particularly the application, approval and reporting processes underpinning the PPP.
In this abbreviated, 30-minute webinar, we’re going to re-examine the PPP, and only the PPP provisions of The CARES Act, to offer you guidance during this critical week when we expect the majority of the applications for these funds to be made.
What you will learn
- The terms of the PPP loan program, focusing on the information you must produce from your Human Capital
- Management systems to prepare the application.
- The terms of the forgiveness provisions, and the reporting you’ll need to do to justify your company’s forgivable loan amount, at the end of the 8 weeks allowed by law.
- Where to find on-line resources to help you further in the application process.
- Apply these updates to your company and understand how aspects of the business will change
- How to prepare your people for future legislative updates
How to leverage HR technology during this change
