We are well into the Small Business Administration's Paycheck Protection Program (PPP) loan period with some businesses beginning to prepare documentation to apply for PPP forgiveness. The Saratoga County Prosperity Partnership in collaboration with the Saratoga County Chamber of Commerce, Saratoga Convention + Tourism Bureau, City Center Authority and Saratoga DBA is hosting a Q&A Zoom webinar with a panel of experts to discuss the Payroll Protection Program Flexibility Act and the loan forgiveness process. FEATURED PANELISTS Steve Bulger, Regional Administrator, U.S. Small Business Administration Michael O'Connell, Executive VP, Adirondack Trust Company Kevin Hedley, Partner, Hedley & Co. Certified Public Accountant

3. Shelby Schneider
President
Saratoga County
Prosperity Partnership
Mary Estelle Ryckman
Advisor, BRE + Global Markets
Saratoga County
Prosperity Partnership
MODERATORS

4. Steve Bulger
District II, Regional Director
U.S. Small Business Administration
Michael O’Connell
Executive Vice President
Adirondack Trust Company
Kevin Hedley, CPA
Partner
Hedley & Company, CPA’s
PANELISTS

5. Steve Bulger
District II, Regional Director
U.S. Small Business Administration
Payroll Protection Flexibility
Act of 2020 – Program Update
Signed into law June 5, 2020
Gives borrowers more freedom in how and when loan funds are
spent while retaining the possibility of full forgiveness.
• Extends forgiveness period: 8 weeks to 24 weeks
• Reduces mandatory payroll spending: 75% to 60%
• Loan term: Increases from two to five years
• Extends the deferral period of repayment to 10 months
(as of June 24, 2020)

6. Michael O’Connell
Executive Vice President
Adirondack Trust Company
Payroll Protection Program
Applying for Forgiveness
• When should you apply for forgiveness?
• What documentation do you need?
• What expenses are eligible?
• Loan forgiveness form
• Common concerns
(as of June 24, 2020)

7. Kevin Hedley, CPA
Partner
Hedley & Company, CPA’s
PPP Forgiveness and
Tax considerations
• How to count employees – FTE vs part-time
• What is “alternative payroll covered period?”
• Should I use 8 weeks or 24 weeks?
• What if I can’t rehire the same employees?
• How does the Flexibility Act provide “safe harbors” for
rehiring?
• Does the Flexibility Act let me delay paying payroll taxes?
• Tax considerations
• Other key concerns?
(as of June 24, 2020)

8. EZ Form businesses categories:
1. Self-employed, independent contractors, or sole
proprietors with no employees; or
2. Borrowers who didn’t reduce salary or wages of
employees by more than 25% and didn’t cut the number
of employees or paid hours; or
3. Borrowers who didn’t reduce salary or wages of
employees by more than 25% but were unable to operate
at the same level of business before Feb. 15 due to
compliance with specific health and safety requirements
New EZ Form
(as of June 24, 2020)

9. Questions?

10. We’re here to help
Helpful websites
U.S. Small Business Administration – SBA.Gov
U.S. Treasury - Treasury.gov
COVID Resources - SaratogaPartnership.org
CONTACT US Mary Estelle Ryckman, Advisor BRE Mary.Ryckman@saratogapartnership.org
518.871.1887 Shelby Schneider, President Shelby.Schneider@saratogapartnership.org