The Small Business Administration (SBA) recently released the Paycheck Protection Program (PPP) loan forgiveness application. The Herring Group will be hosting a webinar on Tuesday, May 26 at 1 p.m. CST to discuss the forgiveness application and to answer your questions. Register here.
This webinar was originally designed for both the landscape business owner and the person who will be completing the forgiveness application.
Most landscape companies fall into one of three categories:
- Category 1: Clearly have more average FTEs than the "base period" and will likely receive 100% forgiveness
- Category 2: Clearly have fewer average FTEs than the "base period" (and will not receive 100% forgiveness)
- Category 3: It is close – with average FTEs and/or 100% forgiveness
In the webinar, the Herring Group was slated to be address "owner-level" issues at the first part of the webinar and more tactical numbers issues (e.g. completing the form) for the second part of the webinar.
However, recent developments related to the PPP loan forgiveness would have made it a waste of time for The Herring Group to focus on how to complete the PPP loan forgiveness application.
Just recently, the U.S. House of Representatives and a bipartisan group of U.S. Senators have independently advanced bills to “ease” some of the terms of forgiveness for those businesses who have received PPP loans.
As an example, these bills add additional types of expenses (e.g. personal protective equipment) that will qualify for PPP forgiveness and increase the length of time for incurring and paying payroll and other expenses from 8 weeks to 16 (the Senate) or 24 weeks (the House).
Because of the possibility of the new law, The Herring Group is going to change the format of Tuesday’s webinar and reduce the time to one hour. Plans are to discuss some high-level topics that are not likely to change (e.g. how to calculate at FTE and what periods to use) and answer any immediate questions from attendees. If you have specific questions, please email them to Greg at firstname.lastname@example.org and we will be sure to address them.
You can register here for the upcoming webinar hosted by the Herring Group.