Jul 16, 2020
The PPP loan program was rolled out and implemented in haste,
without the guidance that bankers generally rely on. As we build
this airplane in mid-flight, Paula King CPA will give us actionable
insight, including how to avoid lender liability and the bright
spot in simplifying the forgiveness application process.
Topics discussed in this episode:
1:45 PPP is a moving target.
4:17 Issues with eligibility even past the forgiveness
6:26 Document your thinking
8:05 Trustworthy source for up-to-date info on eligibility and
9:32 Can apply for forgiveness up to maturity date
11:03 Why-applications for PPP forgiveness may be spread
11:26 Form 3508-EZ will simplify the process for some
14:47 How to avoid lender liability
16:36 Forgiveness basics including rents on ‘personal’ as well
as ‘real’ property
19:25 Some payroll providers may run special payroll reports
for the borrower
About Paula King:
Paula King, CPA, is Senior Advisor for Abrigo Advisory
Services, part of a team of subject matter experts assisting
financial institutions nationwide in the interpretation and
application of Current Expected Credit Loss (CECL), credit
processes, policies and procedures and model validations.
Paula has held executive positions, including as Chief
Financial Officer, in the banking industry for more than 25 years.
As a former CFO, Paula has extensive experience in the design,
preparation and reporting of the allowance for loan and lease
losses, including ensuring compliance with regulatory and audit
requirements, and creating allowance policies, procedures, and
processes. In addition, she has served on internal credit
committees and worked with loan operations and lending staffs to
improve credit processes and enhance the capabilities of a variety
of core loan systems.
Prior to her banking career, she was associated with a
regional public accounting firm and specialized in bank audit
Paula has been responsible for SEC and financial reporting,
strategic planning, and has served as Chief Risk and Compliance
Officer. She is a bank co-founder and served as a member of the
board of directors through its merger with another financial
institution and has been a de novo bank consultant to boards and
senior management teams.
Has links to the guidance, forms, and the latest blogs/content
Resources for PPP topic -
Resource that touches on PPP and overall bank strategy