PPP Loan Forgiveness: Practical Guidelines & Audit Considerations for Contractors

Contractors that received Paycheck Protection Program (PPP) funding have eight weeks to use the funds appropriately and meet the criteria for loan forgiveness for funds up to the principal amount of the loan. In the course of using PPP funds, contractors may run into a number of questions about the best ways to manage and document the use of the loan funds.
In this Construction Financial Management Association South Jersey Chapter webinar, industry leaders will provide advice from the legal, accounting, and contractor perspectives. Cohen Seglias partner Marian Kornilowicz will review the loan forgiveness criteria and outline recent Small Business Administration guidance aimed at helping small business owners make prudent choices throughout the PPP process. From the accounting world, CPA and managing director Tony Stagliano of CBIZ & Mayer Hoffman McCann will teach attendees how to maximize loan forgiveness and prepare for an audit. Kimberly Hullfish, controller at C. Abbonzio Contractors, rounds out the panel with her experiences in gathering and preparing data for the loan forgiveness application and subsequent documentation needed for the follow-up audit.