Many Arizona businesses received SBA Paycheck Protection Program (PPP) loans. The purpose of the loans were to maintain payrolls. Our SBA Paycheck Protection Program (PPP) task force helps businesses and nonprofits navigate the forgiveness process. They are familiar with the PPP Loan Forgiveness Application, which is complex and complicated, and can answer your questions about:
- How can I spend the funds?
- What is the period during which expenses must be incurred or paid?
- What is the 60% Rule?
- What is the importance of documentation?
- How long do I need to retain documentation?
- Are expenses used to justify forgiveness of the loan tax deductible?
- What calculations determine the amount forgiven?
- What are qualifying expenses?
- How does the SBA’s Interim Rules impact forgivable expenses?
Our task force can help you with these and other questions. Contact one of the team members below to discuss your situation.
Mark R. Dreher, CPA – Managing Partner
Barry S. Graham, CPA, CMA – Senior Audit Manager
Brandon W. Temple, CPA – Tax Manager