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Tips for Reaching 100% Forgiveness on Your PPP Loan

4/29/2020

IMPORTANT DISCLAIMER: This article does not constitute legal or financial advice. Please consult with your financial and legal advisors for guidance on your specific situation.

Businesses that are eligible for the federal Payroll Protection Program naturally want to take advantage of the plan’s offer of 100% loan forgiveness. But doing so may be more easily said than done.

In addition to the fact that the exact details of the program remain unclear, there is also the important question of exactly how much effort you want to go through in order to meet the exact criteria and maximize the opportunity. It may be smarter to work as closely to the requirements as possible and hope for the best while recognizing the point of the low-interest loan and making the most of the available cash. Still, there are certain moves that you can take that increase the chances that you won’t have to pay back the money. We recommend these three steps:

Step 1: Use as much as you can on payroll.

Once you’re received the PPP funds, use as much of the money as you can to cover payroll expenses during the 8-week period that the loan is meant to cover. The government plan makes it clear that they will be most forgiving to those companies that use the funds to cover payroll, preferably in the form of payments covered by W2s. It may be worthwhile to convert contractors and freelancers to W-2 employees in order to boost the percentage of funds being used to pay employees.

Keep in mind that the program’s structure is based on 2 ½ months of 2019 payroll, but only covers 8 weeks of 2020 wage compensation, and that makes it just about impossible to use 100% of the loan for wages unless you pay employees a higher wage, hire more employees, or in some other way provide the money as compensation (i.e. 401k deposits, profit sharing or bonuses).

You can also give up on the idea of using the monies exclusively for payroll and instead use some of it for other expenses that the program allows. These include paying mortgage interest, business rent or utilities that existed prior to the crisis. If you need assistance with applying the loan to payroll in a way that maximizes your chances of qualifying for 100% loan forgiveness, contact your payroll or accounting professional.

Step 2: Don’t exceed the maximum payroll amounts.

When considering ways to maximize the percentage of loan monies dedicated to payroll, it is important to remember that there is an annualized payroll limitation of $100,000, which works out to $3,846.15 per biweekly pay period. Any employee whose payments reach or exceed that amount will not qualify under the PPP program’s forgiveness calculation, so try to keep your payroll per worker – including yourself – below that amount.

Step 3: Make sure all pay periods fall within the 8-week window.

Be mindful that the PPP program’s qualifying expenses last for an 8-week period that starts on (or as close to on as possible) the date that you receive the monies. Do not delay in making these payments. Even if you calculate your expenses on an accrual basis, the government will not make an exception.

As tempting as it is to closely analyze the terms of the PPP program in order to make the most of the loan forgiveness opportunity, your focus should be on your business and your employees rather than on meeting the program’s rules. The rate being offered with the loan is very low and provides businesses with the chance for an infusion of cash that will help them grow or improve their businesses despite the critical situation we currently find ourselves in. Keeping calm and rational is the best approach.

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Bob Mason

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Bob Mason is a skilled financial professional who is fully equipped to assist any of your accounting needs. Founding his firm in Santa Cruz, Bob understands the importance of small businesses and how they form the backbone of the area. Coast Financial Services, Inc. has been dedicated to the growth and profitability of businesses in Santa Cruz for 17 years. To learn more about Bob Mason and the rest of his team, visit their website.

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