When applying to the Paycheck Protection Program (PPP), one of the stimulus forgivable loans, you have to certify in good faith that "current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant." On May 13, 2020, the SBA released an answer to a question everyone has been asking, "How will SBA review borrower's required good-faith certification concerning the necessity of their loan request?" 

There is a lot of uncertainty about what the meaning of the answer to the question is. Join Larry Gray as he clarifies what this means for small businesses and if it changes anything for their PPP loan.

#pppsafeharbor forgivablesbaloan #sbappp #safeharbor #paycheckprotectionprogram
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Please subscribe to our channel to continue receiving updates about everything the stimulus package has to offer! Larry Gray, CPA discusses topics such as CARES Act: Refundable Employee Retention Credit, Employee Retention Credit, Paycheck Protection Program, Economic Disaster Loan, paid sick leave, and qualified expanded family and medical leave. These are things you might have heard referred to as stimulus loans,  stimulus unemployment,  paid sick leave, and stimulus tax credits. We have linked some of these videos below:

Coronavirus Stimulus Package Playlist:
https://www.youtube.com/playlist?list=PLZCIgCmUXjKGUb67u9Os3HOp7EIMmiK0E

Everything You Need to Know About Coronavirus Stimulus Packages: https://youtu.be/SfL5jcPU2As

Employee Retention Tax Credit 2020 Made Easy: https://youtu.be/L1UmAJA_f2w

How to Qualify for Forgivable Loans | Paycheck Protection Program |SBA Economic Injury Disaster Loan: https://youtu.be/6EmQujt9JmA

What Employers Need to Know About Families First Coronavirus Response Act | Small Business Help: https: //youtu.be/jY3-zE5a7QM

Learn How to Calculate Paid Employee Sick Leave Hours the RIGHT WAY: https://youtu.be/6Hmui1-WV2s

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AGC Solutions does not provide tax, legal, or accounting advice. This content has been prepared for informational purposes only and should not be relied on for tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction. Also, tax law is ever-changing and every effort should be made to seek out the most current information. Make sure to check the date of the published content to ensure it is the most current information.