On Friday, May 1 I was a featured panelist on the U.S. Chamber of Commerce’s National Small Business Town Hall virtual series. The virtual town hall was presented in partnership with Inc. Magazine. More than 4,000 small business owners, advocates, and stakeholders from around the country tuned in to hear insights on the Paycheck Protection Program and other funding sources.

I also got to speak with a fantastic panel featuring U.S. Chamber Chief Policy Officer Neil Bradley, Alissa Henriksen, Co-President, Grey Search + Strategy, Lenore Horton, Partner, FisherBroyles, and Dan Martini, Vice President, Congressional Relations and Public Affairs, American Bankers Association. Inc. Editor-At-Large Kimberly Weisul served as the panel moderator.

I fielded questions related to PPP accounting, tax, reporting, and loan forgiveness, and I talked about the details involved in what’s considered forgivable expenses and what aren’t. It’s complicated, right? It’s not an easy thing to think about.

And because the PPP loan didn’t come in a straight quarter, accounting for it will be more complicated. It will be important to work with an accounting professional to ensure the maximum amount of the loan can be forgiven.

In total, more than 1,400 questions were submitted for the entire panel.

Other takeaways from the town hall included:

  • Money is being set aside for smaller lenders, like local banks and credit unions
  • Plan for loan forgiveness based on the terms we know today, not potential changes that may or may not come
  • The Employee Retention Tax Credit is a valuable alternative to the Paycheck Protection Program
  • The Main Street Lending Program is another funding source for businesses with more than 500 employees that are seeking loans larger than $500,000

Every Friday, the U.S. Chamber of Commerce holds virtual National Small Business Town Halls to help members understand coronavirus funding sources, employment issues, legal concerns, and more. Check it out! 

View and share the recording from May 1, featuring yours truly, below.

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