Navigating Through PPP Loan Forgiveness
CO-CREATE | CO-DEVELOP | DELIVER
Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I'm back once again with Matt Goldston, a Director in our Entrepreneurial Advisory Services team. Matt, welcome back to the Playbook.
Matt: Thank you, Jen, I appreciate it.
Jen: So, I know we call it the EAS team, I know the EAS team has been working with bankers and our clients on the various intricacies of the Paycheck Protection Plan or “PPP.” How have you been working with banks on PPP-related items?
Matt: You know, beginning in March when all of this happened, we spent a ton of time following PPP and helping clients get into the PPP program. The guidelines change so frequently that knowing something on Thursday was oftentimes invaluable on Thursday, but valueless on Friday, and so that's what we saw.
And tracking it through 2020, what we've now found is there's a lot of questions and concerns over the PPP forgiveness process. And banks engage us to help them assess whether PPP is forgivable or not. And we've helped a number of clients gather the appropriate documentation to submit to the bank. We even have a bank, or two, where we review the PPP applications on their behalf of their clients.
Jen: Perfect. So, it's really kind of, you know, it's both helpful to our clients, as well as helpful to the banks that this third party comes in to do this analysis?
Matt: It absolutely is and, you know, we're all in this together in COVID, and it’s really taken a team. So we've taken late night calls and early morning meetings and all in between to help clients enjoy the PPP, to adhere to the PPP guidelines, and ultimately, we partner with the bank to make certain that that money is available to them and then everyone wins in the end.
Jen: Perfect. Well, we’ll get you back to talk a little bit more about some other topics related to our clients. Sound good?
Matt: That sounds great. I love talking about it.
Jen: Perfect. For more information about this topic, visit www.PKFTexas.com/COVID-19. This has been another thought leader production brought to you by PKF Texas – The Entrepreneurs Playbook. Tune in next week for another chapter.