Paycheck Protection Program (PPP) + Loan Forgiveness

Notice: Paycheck Protection Program Closed August 8, 2020


Program Overview

The Paycheck Protection Program was designed to provide a direct incentive for small businesses to keep their workers on payroll by providing each small business a loan up to $10 million for payroll and certain other expenses. 

If all employees are kept on payroll for eight weeks, SBA will forgive the portion of the loans used for payroll, rent, mortgage interest, or utilities. Up to 100 percent of the loan is forgivable.

Forgiveness Resources:

Restaurants who received Paycheck Protection Program (PPP) loans under $50,000 can now access a new forgiveness application

Additional Resources:

U.S. Chamber of Commerce - How to Get your PPP Loan Forgiven

Small Business Administration - PPP Frequently Asked Questions


Other assistance options

Employee Retention Credit (Form 7200)

If you did not receive PPP, you may be able to take advantage of the Employee Retention Credit as part of the CARES Act.

The Employee Retention Credit is a refundable tax credit against certain employment taxes equal to 50 percent of the qualified wages an eligible employer pays to employees after March 12, 2020, and before January 1, 2021. Eligible employers can get immediate access to the credit by reducing employment tax deposits they are otherwise required to make. Also, if the employer's employment tax deposits are not sufficient to cover the credit, the employer may get an advance payment from the IRS.

IRS Guidance 

Deferment of Employment Taxes through December 31, 2020

The Coronavirus, Aid, Relief and Economic Security Act (CARES Act) allows employers to defer the deposit and payment of the employer's share of Social Security taxes and self-employed individuals to defer payment of certain self-employment taxes. These FAQs address specific issues related to the deferral of deposit and payment of these employment taxes, as well as coordination with the credits for paid leave under sections 7001 and 7003 of the Families First Coronavirus Response Act (FFCRA) and the employee retention credit under section 2301 of the CARES Act. These FAQs will continue to be updated to address additional questions as appropriate.

IRS Guidance


PPP FAQ - UPDATED AUGUST 11, 2020
PPP Loan Forgiveness Application

PPP Webinars
PPP 2.0: How to Maximize Loans and Meet the New Forgiveness Guidelines

Bennett Thrasher + Georgia Restaurant Association

Friday, June 12, 2020 

VIEW RECORDING

SLIDE DECK

PPP Forgiveness Updates

Georgia Restaurant Association + Moore Colson

Friday, May 29, 2020

VIEW RECORDING

SEE SLIDE DECK

PPP Loan Forgiveness: A Step-By-Step Explainer with Q&A

U.S. Chamber of Commerce

Friday, May 29, 2020

VIEW RECORDING

Restaurant Rebound Series: The Meat and Potatoes of PPP and Forgiveness

University of Georgia Small Business Development Center + Restaurant Informer + Georgia Restaurant Association

Tuesday, May 19, 2020

VIEW RECORDING

SEE SLIDE DECK

SBA PPP Loan Forgiveness Application

How to Best Prepare for PPP Loan Forgiveness

Aprio, LLP

Monday, May 18, 2020

VIEW RECORDING

Paycheck Protection Program (PPP) Loan + Forgiveness Updates

Georgia Restaurant Association + Aprio, LLP

Thursday, May 14, 2020

VIEW RECORDING