#6: The PPP Mad Dash Continues: Forgiveness FAQs | Paula King CPA

The PPP loan program was rolled out and implemented in haste, without the guidance that bankers generally rely on. As we build this airplane in mid-flight, Paula King CPA will give us actionable insight, including how to avoid lender liability and the bright spot in simplifying the forgiveness application process.   Topics discussed in this episode:   1:45 PPP is a moving target.   4:17 Issues with eligibility even past the forgiveness process   6:26 Document your thinking   8:05 Trustworthy source for up-to-date info on eligibility and forgiveness   9:32 Can apply for forgiveness up to maturity date   11:03 Why-applications for PPP forgiveness may be spread out   11:26 Form 3508-EZ will simplify the process for some   14:47 How to avoid lender liability   16:36 Forgiveness basics including rents on ‘personal’ as well as ‘real’ property   19:25 Some payroll providers may run special payroll reports for the borrower     About Paula King:   Paula King, CPA, is Senior Advisor for Abrigo Advisory Services, part of a team of subject matter experts assisting financial institutions nationwide in the interpretation and application of Current Expected Credit Loss (CECL), credit processes, policies and procedures and model validations.   Paula has held executive positions, including as Chief Financial Officer, in the banking industry for more than 25 years. As a former CFO, Paula has extensive experience in the design, preparation and reporting of the allowance for loan and lease losses, including ensuring compliance with regulatory and audit requirements, and creating allowance policies, procedures, and processes. In addition, she has served on internal credit committees and worked with loan operations and lending staffs to improve credit processes and enhance the capabilities of a variety of core loan systems.   Prior to her banking career, she was associated with a regional public accounting firm and specialized in bank audit services.   Paula has been responsible for SEC and financial reporting, strategic planning, and has served as Chief Risk and Compliance Officer. She is a bank co-founder and served as a member of the board of directors through its merger with another financial institution and has been a de novo bank consultant to boards and senior management teams.   Paula's LinkedIn - https://www.linkedin.com/in/paula-king-1537bb71/     Resources:   SBA PPP Resources page on Abrigo.com - https://www.abrigo.com/cares-act-sba-lending-resources/ Has links to the guidance, forms, and the latest blogs/content from Abrigo   Resources for PPP topic - https://www.abrigo.com/blog/2020/06/18/new-ppp-3508-forgiveness-application-ez-form/   https://www.abrigo.com/blog/2020/05/13/how-to-submit-a-ppp-1502-report-get-lender-processing-fees/   https://www.abrigo.com/blog/2020/05/13/digital-capabilities-adopted-for-ppp-the-new-best-practices-for-strongest-players/   https://www.abrigo.com/whitepapers/the-impact-of-the-coronavirus-on-community-financial-institutions/     Resource that touches on PPP and overall bank strategy https://www.abrigo.com/whitepapers/the-impact-of-the-coronavirus-on-community-financial-institutions/   Find out more about Linda Keith at: www.LindaKeithCPA.com www.LendersOnlineTraining.com LinkedIn: https://www.linkedin.com/in/lindakeith/