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To Forgive or Not Forgive: PPP Loans & How They Affect Federal Awards – Hosted by CohnReznick
February 9, 2021 @ 1:00 pm - 2:30 pm
The Paycheck Protection Program (PPP) has been a huge success. For government contractors there are hidden – and expensive – pitfalls regarding loan forgiveness. CohnReznick and Taft Law break down the Defense Contract Audit Agency’s (DCAA) December 2020 memorandum, the CARES Act PPP provisions, key dates and types of legislation that those receiving federal awards need to be aware of. Our panel of experts will provide insights, concerns and observations not only from DCAA’s perspective but also the impact of PPP forgiveness on your indirect rates and flexibly priced contracts. Forgiveness can have wide ranging ramifications and, for those receiving federal awards, deciding whether to request forgiveness is a significant decision. We will include in our discussion:
- PPP Loan Forgiveness
- Bank responsibility
- SBA responsibility
- Loan Necessity Questionnaire
- Latest intel on completing your forgiveness application
- Detail, detail, detail or document, document, document
- Forgiven cost presented in reporting – financials, indirect rates, and other reporting
- Applying FAR 31.201-1 and FAR 31.201-5 composition of cost and credits to direct and indirect
- Example “what-if” scenarios
- False Claims Act Considerations
- Ties back to application to receive PPP loan as well as application for its forgiveness
- Where/how is this a false claim
- Current atmosphere
- Statute of limitations