PPP Loan Forgiveness: What We Know

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Air Date: May 26th, 2020

Description: The Paycheck Protection Program (PPP) was rolled out by the U.S. Small Business Administration (SBA) to provide the critical support needed for small businesses that have been affected by COVID-19.  Loans were designed to provide a direct incentive for small businesses to keep their workers on the payroll, and then — if all employees were kept on the payroll for eight weeks and the money was used for payroll, rent, mortgage interest and utilities — to be forgiven by the SBA.

With many businesses now over halfway through the eight-week period, calculating proper loan forgiveness is going to become critical. The SBA recently issued its PPP Loan Forgiveness Application, giving us the first guidance on the subject. Join us as we review the SBA PPP Loan Application and CARES Act/Interim Final Rule provisions relating to loan forgiveness.  Our goal is to give you a better understanding of the definitions of full-time equivalent employees, when and how PPP funds may be used, how forgiveness is going to be determined, and more.  Despite the ever-changing program environment, this webinar will capture up-to-the-minute information needed to begin preparing for forgiveness. 

Presenter: Elizabeth K. Madlem, Associate General Counsel

Elizabeth is an Associate General Counsel & Compliance Officer at Compliance Alliance. In the past, she served as both the Operations Compliance Manager and Enterprise Risk Manager for Washington Federal Bank, a $16 billion dollar organization headquartered in Seattle, WA. She has industry expertise and real-world solutions surrounding bank-enterprise initiatives as well as knowledge of contract law and bank regulatory compliance. 

An attorney since 2010, Elizabeth was a Summa Cum Laude, Phi Beta Kappa, Delta Epsilon Sigma graduate of Saint Michael’s College in Burlington, VT, and a Juris Doctor from Valparaiso University School of Law in Indiana. Elizabeth will be handling C/A document reviews, participating in the Education department, and contributing as a featured author.