The Art of PPP Forgiveness

In this webinar our CEO, Tony D’Agostino, meets with John Rizzo and Daniel Matteo to discuss how all the ins and outs about PPP Forgiveness.

A special thank you to John Rizzo and Dan Matteo at RDG + Partners!

Subscribe to updates about future webinars:

Did you enjoy our webinar? Do you want us to send you an email when we launch more of them? Fill in the form below and consider it done! Looking forward to see you again soon!



I applied for a PPP loan with my bank. If I subsequently apply for the EIDL, for what items specifically can I use the EIDL funds that do not overlap with the PPP (payroll, rent/mortgage int & utilities)?

Any items outside of payroll, rent/mortgage int and utilities.  Review other items on your income statement outside of these items.

What is our timeframe for spending the money from the PPP loan for it to be eligable for forgiveness. 30 days, 90 days, 2.5 months, something different? I have heard June 1st as a date in which payroll will be looked at, but I’m not sure how it works if my payroll is less than my prior year average at that point (it will definitely be over 75% of the loan amount if using a 2.5 month period, so just wondering if that is the time frame SBA will use). Thanks!!

You have 8 weeks to spend the funds from the loan closing date.

Which platform online should we be using to apply?

Each bank has its own application.  You should contact your bank.
For best results source a local SBA lender so they can ensure that you have properly applied and provided the correct back up forms.

Are there any special or different ways that this all applies if you are an LLC and DBA?

DBA is based on self-employment earnings and are eligible to apply for the PPP loan this Friday.  Your self-employment earnings are indicated on Schedule C of your personal tax return.

Will I have to file my 941 for the 1st quarter this year including paying the taxes or should i defer this if I am applying for the PPP loan?

You should still file by the original due date.

If the owner only gets a minimum w-2 wage, and most of their compensation comes from profits on a LLC corporation, can the profits from the LLC count to the $100k compensation for the owner?

Unfortunately no: the AMOUNT of the loan is based on prior payroll so if you didn’t have that in payroll before, you can’t use that for how much you get approved for.  You may, however, be able to increase your payroll once you get approved.

So, IF I wanted to reapply – I would have to wait until this Friday to do that?

If you’ve already applied, you’d have to discuss changing your application with your bank.  If you haven’t applied, you can apply ASAP!

I think there is an advantage to waiting to apply if your center is closed. In waiting for closer to re-opening date, you can take advantage of more payroll forgiveness at a time when your tuition is probably down. What do you think?

Assuming funds are still available, that could work.  But big question is if $349B (and now another $250B) will last long enough.

Can independent contractors, i.e. freelancers… apply that don’t have employees and don’t pay themselves a “salary,” but take owner draws as they need money.

Yup!  Starting 4/10

Can banks decide to go with their customers first instead of those who applied first?

It’s not supposed to work like that – but each bank does have flexibility in facilitating this loan at their own discretion.  The law was written in favor of getting the maximum amount of funds out as quickly as possible.

I apologize if i missed it but will these slides be available


What is I am still paying all my employees since we were closed. 3/18 to now. Hope to continue is this wise or will it be too costly.

Business decision first…assume (at this point) that you won’t get the loan forgiven.  You should, but assume you won’t.  After making that assumption, decide whether to keep employees.

Do you have to continue to pay your staff full time or can you pay for just the hours that they are needed?

Business decision first!  Pay your employees for what you need them for.  Then analyze how to use the PPPL funds received.

Do you have to use the funds within 2 months?

8 weeks

What banks in GA are processing these loans?

Seek Any Bank that is an approved SBA lender.