NFIB Hawaii Members Get Federal Loan Update

Date: April 22, 2020

Exclusive conference call offered expert guidance on navigating the Paycheck Protection Program

On an exclusive conference call for NFIB Hawaii members held April 21, three experts on the federal Paycheck Protection Program offered guidance on compliance, some of the traps to avoid, and gave an update on congressional efforts to replenish the program with more money.

In answer to one caller’s question about using a PPP loan, Honolulu-based Ron Heller, a tax attorney and certified public accountant for 35 years, reminded NFIB members that 75 percent of the loan is for employees’ salaries. And, yes, it is a forgivable loan, but he emphatically suggested that those receiving one, “Track that money very carefully because at some point, you’re going to have to prove that you qualified for loan forgiveness and that means demonstrating exactly where and exactly how you used the PPP loan money.”

Heller, NFIB Hawaii’s leadership council chairman, also field a question on any tax consequences for loan forgiveness. “That’s one those question’s we’d like more guidance from the IRS,” replied Heller, who also said the state need to come up with some answers to many questions.

Other issues Heller touched on included:

  • audits
  • deferred collections
  • due dates
  • installment agreements
  • levies
  • liens
  • new filing deadlines
  • offers of compromise
  • seizures
  • statute of limitations

Mitch Heidenreich, an aide to Hawaii U.S. Rep. Ed Case, phoned from Washington D.C. to give callers an overview of the PPP and NFIB federal lobbyist Courtney Titus Brooks discussed the progress of lobbying efforts to refinance the program, which ran out of money April 16. During the call, NFIB Grassroots Manager Stacy Jenkins announced the breaking news that the U.S. Senate had just voted for more appropriations The U.S. House is expected to follow suit on April 23.

“I’m very proud how our conference call turned out,” said Melissa Pavlicek, NFIB’s Hawaii state director. “We achieved what we set out to do, and that was to give our members the very latest information from the most informed people.”

Click the arrow in the graphic below to listen to the 35-minute conference call.

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