Jun 5, 2020
Have you applied for the PPP fund? Did you know there’s still time for you to apply? But wait, before you apply, there are some things that you need to keep in mind.
In this episode of the Page One podcast, Luke Peters sits with Frank Kaufman as he talks about the PPP fund and all that you should know before and after applying and whether you will be forgiven or not.
Frank is the retail national practice leader at Moss Adams and chairs the firm’s Paycheck Protection Program Technical Resource Group. He has been serving clients in the Retail and Direct to Consumer channels since 1983.
Listen in to learn about the PPP forgiveness and the mistakes you could be making in that process.
Key Takeaways:
- When the PPP fund is forgiven and the time it will take to start repaying if it’s not.
- Understanding the law behind the PPP fund.
- The elements of the buckets of PPP fund forgiveness.
- Why you need to go apply for the PPP fund if you haven’t already.
- Understanding the 11 months loan forgiveness process.
- How you can use your PPP fund for the liquidity of your business.
- Other programs aside from the PPP that you can apply for a loan from.
Episode Timeline:
- [0:30] Intro
- [3:02] He explains how different retail businesses his company represents are performing amid COVID-19.
- [4:30] He describes Moss Adams- their span and whom they serve.
- [7:05] He explains in detail why the Paycheck Protection Program (PPP) has delayed.
- [9:01] Why you need to be smart in how you spend your PPP fund which can either be forgiven or the time you need to prepare before starting to pay it off.
- [11:54] Understanding when taking the PPP loan money can lead to breaking the law and where you get protected.
- [14:57] The two buckets that are considered when it comes to forgiveness.
- [16:27] The missing elements that are not too obvious in the two buckets of forgiveness.
- [19:32] He explains the methodologies that you can use to calculate and help impact your forgiveness amount.
- [20:57] How you can count employees that did not come as though they came back.
- [23:18] He mentions some of the common mistakes that borrowers are making that could hurt their loan forgiveness process.
- [26:05] How the PPP money can become an equity contribution to your business if forgiven.
- [28:48] He describes ways in which you can improve your company’s liquidity.
- [31:25] How the digital economy and fear of losses from banks is going to affect how investors will view businesses in the future.
- [33:50] The changes in the investment’s patterns now and in the future due to the COVID-19.
- [36:28] He mentions some other programs that you can apply to aside from the PPP or even if you get it.
Relevant Links:
Email: Frank.kaufman@mossadams.com
Website: https://www.mossadams.com/