Unless Congress extends the Paycheck Protection Program (PPP), August 8 was the last day for loans. However, there are tens of billions of dollars in loans currently outstanding that will be forgiven partially or completely or paid back to the SBA. Because the SBA and IRS have continued to issue more specific guidance regarding when and how PPP loans are forgiven, including a number of new FAQs, we now know much more about the loan forgiveness process and have answers to many of the questions that have bedeviled practitioners. This program is designed to update practitioners on all the latest regarding PPP loan forgiveness.
DESIGNED FOR
CPAs and other financial professionals advising clients regarding PPP loans and other COVID-19–related legislation
BENEFITS
- Advise clients with respect to the PPP loan forgiveness process
HIGHLIGHTS
- The latest IRS FAQs related to helping PPP borrowers navigate maximum loan forgiveness
- Procedures for appealing a turndown of a PPP loan forgiveness application
- What loan forgiveness form borrowers should use
- New guidance regarding payroll costs eligible for forgiveness
- Eligible compensation for self-employed taxpayers, S corporation shareholders, and LLC owners
- Additional guidance regarding eligible utilities
- How PPP loans interact with Economic Injury Disaster Loans
- IRS Guidance on PPP expense deduction
COURSE LEVEL
Update
PREREQUISITES
Previous experience with individual income taxation
ADVANCE PREPARATION
None