PPP Question & Answer Zoom Meeting

Let us share with you what we currently know about PPP

The funds MUST be spent in the 8 weeks following the disbursement date for forgiveness.
To maximize loan forgiveness, disbursement compliance is essential.
The funds cannot be spent on anything BESIDES:
Payroll (capped at $100,000 on an annualized basis for each employee)
Group healthcare premiums (employer portion only)
Rent/Mortgage Interest (for the business only)
Utilities
For loan amounts not forgiven, the funds, if unspent, can be returned or consider the benefit of turning the loan into a working capital loan with a low interest rate of 1% over 2 years with 6 months payment deferral and fewer restrictions on how the funds are spent.


Presented by:
Shawn Mattingly, Certified Public Accountant with Weinand & Associates, CPA’s
Paul Long, Senior Vice President, Timberland Bank

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