LawBank Hosts Webinar with Watson Representatives on PPP Loan Forgiveness for Lawyers
On June 3, 2020, LawBank members and business partners, Brian Meegan and Aubree Thayer of Watson, presented a webinar on the Payment Protection Program (PPP) loan forgiveness opportunity for small law firms. The program also covered aspects of H.R.7010, an emergency amendment to the Small Business Act, and the CARES Act designed to manage repayment of emergency funds allocated to defer payroll costs.
The Watson representatives explained in detail how the PPP program works, and the specific documentation necessary for loan forgiveness. Several examples of applicable costs that are eligible for forgiveness through the program include payroll and some utilities within a specified time frame.
Brian and Aubree also shared information about non-payroll costs that are eligible for forgiveness and described how things like idle advances are considered under the law. The presentation also covered the importance of creating your own payroll documentation and reports, elaborating on the best way to handle distributions and explaining what information should be specified.
Finally, they acknowledged the audience of lawyers that the rules for the new program are still very much in flux and are predicated on the level of threat that COVID-19 poses to small businesses and law firms. As the coronavirus continues to motivate legislation such as H.R.7010 and impact programs for small businesses, it will be vital for law firms and businesses to remain flexible and responsive to these changes in order to remain stable in this volatile time.
About LawBank
LawBank is a great resource for independent lawyers to growth and thrive in their law practice. LawBank is an innovative shared office space concept tailored to fit the needs of solo and small law firms. With multiple locations and on-demand services, LawBank’s offerings allow member attorneys to better serve their clients. Also provided are free monthly events and negotiated discounts for members on vendor services. To learn more about the LawBank educational series, visit the events page.
