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E39: Season 4 Episode 4 – Unpacking the New SBA PPP Loan Forgiveness Guidelines

  • By dbllawyersv2
  • November 21, 2022
  • Season 4

Business Advice In The Time Of COVID-19

We know how detrimental COVID-19 has been in regards to health and economics. Millions of Americans have lost their jobs and businesses due to the virus. The American people need help; real help now, from the government. The CARES Act has been attempting to aid those businesses in need with different types of loans, most notably the PPP loan. These loans can be forgiven if used within certain guidelines, but those guidelines can be difficult to navigate, especially those that work within a timeframe. This is a major issue, so changes needed to be made.  The SBA recently released new guidelines for business loan forgiveness. One of ways that change needs to be made is at the local and state level, contact your senators now and let them know your specific business problems. There are some wiggle room points in the new guidelines; those include how you calculate your employees and another in how payroll is calculated. Really do your research on this to make sure you’re doing what is best for your situation. Some other things covered in these guidelines that are forgivable are lease/mortgage costs, utilities costs, and interest payments, so keep that in mind. When you’re facing having to pay back the loan or having the loan being forgiven the records you keep are essential for being able to prove why you needed the loan and also prove how you were in a financial crisis. This cannot be stressed enough, keep these records in the best order possible. You want to make sure you are adhering to the rules as best as possible. Be honest when it comes to SBA because if they find you aren’t adhering to their guidelines, they come after you for fraud. Obviously you do not want to open that can of worms with the SBA. This situation is fluid, so stay on top of the most current information available to you. 

The Takeaways

Document everything, keep those records immaculate, and show your work and reasoning. Records are going to be what saves you when it comes to loan forgiveness or furthermore in the event you get audited in the future. These times are trying but don’t panic, this is an evolving process. This situation is going to continue to change as we move through these times. Lastly, think bigger picture when it comes to your business plan. This is a temporary situation that is continuing to change, so don’t shoot yourself in the foot over a temporary situation. 


Tom Dunlap: Linkedin

Cherylyn LeBon: Linkedin

Jenn Loges: Linkedin

One Degree Capital: Website

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