The NEW Rules on PPP Loan Forgiveness with Tim Bridgers from Live Oak Bank
There has been a lot of confusion the last two months on how funeral homes can have their Paycheck Protection Program (PPP) loan forgiven. On June 5, 2020, a revision was passed that changed the rules in a positive way and made it easier to qualify for forgiveness.
On this episode, we invited Tim Bridgers from Live Oak bank to explain the most recent changes, why they were necessary, and how funeral homes can position themselves.
1. What changes were made
2. Why the changes were necessary and how they benefit funeral homes.
3. How you can prepare for loan forgiveness
Show Notes & Resources
The hosts introduce special guest Tim Bridgers, Senior Vice President of the Funeral Home and Cemetery Lending team at Live Oak Bank (0:37)
Tim explains the initial parameters of the Personal Paycheck Protection plan, what was originally considered eligible for forgiveness, and the time frame in which funds would need to be used (2:05)
How the Small Business Administration has since made those original loan terms far more flexible in several ways (4:28)
Note that there's still a lot of money available, but funeral homes must apply by June 30 — so if you're still interested in a PPP loan, contact your bank immediately (14:20)
Tim talks about additional relief options for small businesses (15:09)
Ellery notes the importance of maintaining a close relationship with a specific banker for situations such as this (18:10)
Welton addresses concerns about knowing what types of documentation will be needed to ensure a smooth loan forgiveness process (20:25)
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