Utah Leads Together: PPP Loan Forgiveness
The good news is that Bloomberg ranked Utah first in the nation for SBA loans awarded as a percent of eligible payroll at 97.5% meaning those eligible have been receiving those loans. Utah Bankers have processed 47,046 loans totaling $5.5 billion in PPP funds to Utah businesses. Now the conversation has turned to PPP loan forgiveness and several questions arise. Businesses need to start working on loan forgiveness and that process to maximize the amount of these loans that can be forgive. Some of the questions we will cover are:
- What is the update from Congress with changing the 75% rule and extending the 8-week period to 24-weeks?
- What is the timeline for forgiveness? What happens if my request is denied?
- How do I apply for forgiveness? What documentation do I need to demonstrate?
- What is my audit risk with the SBA on loan amount, usage and forgiveness?
- How do I navigate the difference between my EIDL advance and PPP loan to ensure forgiveness?
- Senator Mitt Romney
- Scott Anderson, president and CEO, Zions Bank
- Susan Speirs, president, Utah Association of Certified Public Accountants
- Howard Headlee, president, Utah Bankers Association (Moderator)