How to Apply for PPP Loan Forgiveness: SBA Rules for Loan Forgiveness and What Businesses Must Do to Qualify

$95.00

CLE credits earned: 1 GENERAL (or 1 LAW & LEGAL for WA state)

This class will cover the loan forgiveness application and instructions released by the SBA on May 15th, 2020 and discuss areas of concern for borrowers and lenders. With certain deadlines built into the PPP loan forgiveness program looming this topic is certainly something small businesses who have received PPP loans and the lenders who have made PPP loans are growing understandably concerned about. Join us to discuss what we do know now and what can be surmised from the application process, as well as what issues have been left unanswered.

Key topics to be discussed:

•    What documentation is required?
•    Non-cash compensation payroll costs
•    Mortgage obligations
•    Owner-employee or self-employed individual/general partners conditions
•    Full time equivalents

Date / Time: May 28, 2020

•   4:00 pm – 5:00 pm Eastern
•   3:00 pm – 4:00 pm Central
•   2:00 pm – 3:00 pm Mountain
•   1:00 pm – 2:00 pm Pacific

Choose a format:

•   Live Video Broadcast/Re-Broadcast: Watch Program “live” in real-time, must sign-in and watch program on date and time set above. May ask questions during presentation via chat box. Qualifies for “live” CLE credit.
•   On-Demand Video: Access CLE 24/7 via on-demand library and watch program anytime. Qualifies for self-study CLE credit. On-demand versions are made available 24 hours after the original recording date and are view-able for up to one year.

Select your state to see if this class is approved for CLE credit.

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Original Broadcast Date: May 20, 2020

Kirk McGill
Before becoming a lawyer with the firm of Godfrey|Johnson, P.C. in Englewood, Colorado, Kirk McGill had almost a decade of experience in complex business, tax, and government contracting disputes ranging from small-business operations to major defense contractors. His service as an agent for the State of Colorado and later the United States Department of Defense prior to attending law school gives him unique insight into disputes involving a state or the Federal Government, and his extensive educational background in business, finance, accounting, and economics allows him to ‘speak the same language’ as sophisticated business clients. Though a new attorney, Mr. McGill practically grew up in his father Ben K. McGill’s law practice in Tulsa, Oklahoma (and later in Durango, Colorado). Under the tutelage of his father—a universally respected litigator—Mr. McGill began exploring the law from the moment he learned how to read as a child. His wide-ranging expertise in a broad swath of legal and professional areas, his insatiable drive to assimilate knowledge, and his tireless work-ethic allows him to step into virtually any case or controversy and contribute materially the moment he walks in the door. The Firm looks forward to leveraging his already formidable skill-set with his ever-increasing legal knowledge, skills, and experience on behalf of our clients.

Mike O’Donnell holds a Bachelor of Commerce degree from the University of Melbourne and an MBA from the Australian Graduate School of Management at the University of New South Wales in Sydney Australia.
He began his career in the United States in 1990 as the executive director of the University of Kansas Small Business Development Center and adjunct faculty in the business school there before taking the helm of the certified development company located in Lawrence, Kansas, in 1997.
In 2000, the opportunity arose to relocate to Colorado and join the nonprofit, mission-based educational lender, Colorado Lending Source, and begin expanding outreach and capital access to new and existing small business owners across the length and breadth of Colorado.
Colorado Lending Source now offers four different types of loans, from $5,000 up to $5.5 million, and additionally provides back-office small business lending assistance to 54 community banks as a Lender Service Provider for Small Business Administration guaranteed loans.
During 2019, Colorado Lending Source facilitated 225 loans to small business owners who created some 1,405 new jobs and had a $330.3 million impact on the Colorado / US economy.
Also, in 2019, Mike received a Lifetime Achievement Award from the Council of Development Finance Agencies for his outstanding contribution to the development finance industry through his career.

Amanda Peterson is Colorado Lending Source’s resident expert when it comes to keeping a pulse on Small Business Administration rules and regulations. As Head Compliance & Regulatory Affairs, she provides the necessary tools, knowledge, and strategies to support Colorado Lending Source’s mission to foster the economic growth of diverse small businesses within our communities.

 
 
 

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I. Section 1106 of the CARES Act – the Loan Forgiveness Program 4:00-4:30
II. How the SBA and Treasury has modified the CARES Act through the publication of frequently asked questions. 4:30-5:00