McMill CPAs & Advisors partnered with Midwest Bank to look at how the loan process works, and the 8-week period for calculating loan forgiveness. This loan is designed to assist businesses in retaining employees by providing cash flow for payroll and a few other specific expenses.
McMill CPAs & Adivsors and Midwest Bank will cover this program in detail.
– What specific expenses are covered (other than payroll)
– Loan Forgiveness Details
– Frequently Asked Questions – McMill CPAs & Advisors and Midwest Bank will review the questions they have received regarding the program
A loan forgiveness calculator can be found in our COVID-19 SBA Resource Center!
VIDEO CONTENT CLARIFICATION – The amount of forgiveness of a PPP loan depends on the borrower’s payroll costs over an eight-week period.
When does that eight-week period begin?
The eight-week period begins on the date the lender makes the first disbursement of the PPP loan to the borrower. The lender must make the first disbursement of the loan no later than ten calendar days from the date of loan approval.