ER Doc Advisor - Financial Planning & Taxes for Emergency Physicians

EP 08: PPP Loan Forgiveness

New tax and financial information is cropping up so fast, and has over the last 8 months, creating opportunity, confusion, and complexity. We try to sift through that in this conversation pertaining to the PPP loan. If you took a loan, you’re going to want to listen. If you didn’t, you’re still going to want to listen for those with 1099 income, as talks are looming that more PPP money might become available.

We dig in to what the forgiveness process looks like, the various deadlines to apply for forgiveness, different form types, why it may make sense to wait, and if you owe interest on your loan. We conclude with the IRS’ big “gotcha” regarding your 2020 taxes.

Topics Discussed:
  • What the loan forgiveness process looks like.
  • How to maximize forgiveness.
  • When you need to apply for forgiveness.
  • The different types of forms.
  • Why you may want to wait.
  • How to know if you owe interest on your loan.
  • The biggest thing you need to know about doing your 2020 taxes.

Tags

financial plan, ER, ER doctor, physicians, Finances, Jonny McMullen, Scott Wisniewski, PPPLoans, loan forgiveness, 2020 taxes

by 
Scott Wisniewski, EA