COVID-19 – Helpful Webinar on COVID-19 PPP Loan and Debt Forgiveness
I am very pleased to have met and come to know Erin Merten of Doyle HCM, Inc. She recently sent me the following, which she and GBQ have so graciously permitted me to share:
“Employers are being forced to make hard decisions, so I thought I would pass along some resources that may be helpful in determining what to do next to maximize debt forgiveness on a PPP loan. Yesterday, GBQ produced a webinar that covers some strategic scenarios pertaining to loan forgiveness that a company may want to consider as they grapple with how to spend the PPP loan. For example, whether to use the loan to bring employees back to have all or some the loan forgiven, to use the loan to retain the workforce, or to use the loan for liquidity needs. The recorded webinar is available at this link: https://gbq.com/covid-19-maximizing-debt-forgiveness-ppp-loan-webinar/….
In addition to the economic impact on a company, each company will also need to the impact of getting employees to return to work. Laid-off workers will soon receive their unusually generous extra $600/week of federal unemployment benefits from the CARES Act that is in addition to Ohio’s state unemployment benefits. Some employees may receive up to $1,080 per week with 0 qualifying dependents, and could be better off on unemployment. When jobs are offered back through the PPP loan program, then employees who refuse a suitable offer of employment will no longer be eligible for the unemployment benefits (if the state unemployment agency/ODFJS ever catches up with fraud claims when the dust settles). On the other hand, bringing employees back may help retain the workforce by keeping employees connected to their jobs as contributing members of the workforce.
If only we had a crystal ball to know how long this will go on for, it would be easier for employers to determine what to do next, right?” – Erin Merten, SHRM-SCP, Doyle HCM, Inc. – April 14, 2020″
I highly encourage business owners to watch the Webinar. You have to register with GBQ, but it is well worth the 10 seconds that it takes to do so. You will learn some of the strategies that exist in regard to maximizing the debt forgiveness aspect of the PPP loans. I am confident that Erin would be happy to discuss this or anything else as it relates to HR matters for your business. Here is her contact information:
Erin Merten, SHRM-SCP
Doyle HCM, Inc.
a: 735 Taylor Rd, Ste. 100 Gahanna, OH 43230
w: www.doylehcm.com e: [email protected]
Thank you, Erin and Doyle, HCM, Inc. As always, contact your legal counsel or other professional advisors for further assistance.