PPP Loan Forgiveness Applications: Which application to use, when to apply and how to calculate the forgiveness


CLE credits earned: 1 General Credit (WA 1 Law and Legal)

This webinar will break down the loan forgiveness process for the Paycheck Protection Program (PPP) released by the Small Business Administration including the pending legislation guidance, which soon should be passed. The SBA has released additional guidance and regulations regarding timing and calculations for small businesses to receive loan forgiveness for their PPP loans. Our presenters, Kirk McGill Esq, an experienced government contracts attorney, and Mike O’Donnell, executive from Colorado Lending Source–a PPP loan provider, will go over in detail the loan forgiveness calculations and application process to assist attorneys and employers in properly applying for loan forgiveness of their PPP loans.

This course is co-sponsored with myLawCLE.

Key topics to be discussed:

• Review loan forgiveness applications and which to use
• Clarify permissible uses for PPP loans
• Calculating maximum loan forgiveness amounts
• Other saving provisions and safe harbors calculations
• Documentation required for forgiveness
• When to submit forgiveness applications

Date / Time: August 19, 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

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•   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 5 business days after the original recording date and are view-able for up to one year.
Closed-captioning available upon request

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

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Original Broadcast Date: August 19, 2020

Kirk McGill Esq, Godfrey | Johnson, P.C.

Before becoming a lawyer, 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 | Executive Director, Colorado Lending Source

Mr 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.

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I. Review loan forgiveness applications and which to use 4:00-4:10
II. Clarify permissible uses for PPP loans 4:10-4:20

III. Calculating maximum loan forgiveness amounts 4:20-4:30

IV. Other saving provisions and safe harbors calculations 4:30-4:40

V. Documentation required for forgiveness 4:40-4:50

VI. When to submit forgiveness applications 4:50-5:00