business mentors, financial services, ppp loan

Episode 221: Will My PPP Loan Be Forgiven?

Many of you have gotten a PPP Loan with hopes that it would be forgiven. Currently, the 28 weeks have passed and you might have started to see some people starting to say my loan was FORGIVEN. What is this all about and how can you do the same?

This week, I moved my regularly scheduled content around to get you this time-sensitive topic. I reached out to Linda and Trevor who have over 60 years of experience combined in the financial services industries. Linda Rey has owned, bought, and sold a business, and Trevor has managed multiple businesses. They have seen what works and what doesn’t work when it comes to business financing especially now with COVID. They have helped many people through the loan process. 

The questions they answer:

  1. Where does one submit their completed PPP forgiveness application?
  2. What happens if someone received the SBA Economic Injury Disaster Loan (aka EIDL), how does this affect their PPP Loan?
  3. If someone was approved for a PPP loan and used 100% for payroll, why is there chatter of the SBA saying that they aren’t going to forgive $10k of the PPP loan because of the advance?
  4. Should I submit my PPP Forgiveness now or should I wait?
  5. I heard that PPP loans are going to automatically become 100% forgiven. Is this true?

Biggest Takeaway You Don’t Want To Miss: 

  • The PPP loan forgiveness program allows for forgiveness, certain percentages of the amount of the loan, depending on how you used the loan under (eligible expenses) and the idea is that you do not have to repay the loan.  
  • If you had a grant for the EIDL loan and you received that grant, then when you go for forgiveness the amount of that grant will be subtracted, which converts the grant to an advance. 
  • There is chatter out there on the internet about people saying wait until you file is because the chatter and talk in legislation is that in a new round of stimulus potentially, Congress may repair this aspect of the PPP program with the grant not being forgiven. 

 

Bella In Your Business Show Highlights:

  • 2:30 – What was the PPP for?
  • 4:30 – How to get the PPP loan forgiven?
  • 8:11 – What happens if someone received the EIDL and how does that affect the PPP loan from being forgiven?
  • 12:17 – Why is their chatter that the SBA is saying they are not going to forgive the $10,000 of the PPP because of the advance? 
  • 15:30 – Should you wait to file for your PPP to be forgiven?
  • 17:20 – Who is Linda Rey and Trevor?
  • 21:23 – How much does Aurora Consulting cost? 
  • 23:50 – How to reach out to Linda Rey and Trevor? 

 

 

 Links:

https://auroraconsulting.biz

http://youtube.com/lindareyandtrevor

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