Payment Protection Program Update - Completing the Forgiveness Form & Brand-New Legislation FLEXCAST

Overview

The details of how businesses will wrap up their Payment Protection Program loans is fast evolving. Over the last few weeks, the SBA has issued a form to apply for forgiveness, regulations on the forgiveness computations, and regulations on PPP loan audits and appeals. Moreover, the Payment Protection Program Flexibility Act - which must be understood by everyone participating in the PPP was just signed by the President.

Highlights

Eligibility Details. Allowable use of covered loans. Loan Forgiveness. Loan Forgiveness Process. SBA Audits and Appeals.

Prerequisites

None.

Designed For

CPAs, financial professionals, enrolled agents and attorneys.

Objectives

Review of actual completed forgiveness forms. Just signed changes brought by the PPP Flexibility Act. The new 60% rule. The change from 8 weeks to 24 weeks. Determining forgiveness for the self-employed and for partners. How to complete the SBA forgiveness form. Last-minute ideas to maximize forgiveness. Building a file in-case of an SBA audit. Tricky issues, such as related party rent and contributions to profit-sharing plans. Understanding the new SBA “PPP Forgiveness” regulations and instructions. Impact of the new Rules under the cash and accrual basis of accounting including the Alternative Payroll Covered Period. What does “incurred and paid” mean versus “incurred or paid”. Forgiveness for rent, payroll and interest expense including related party rent. How to account for pension and profit-sharing plans. How to determine the amount of the PPP Loan available for forgiveness. What are “covered expenses”? How does the “full-time equivalent” (“FTE”) test work? Computing the “salary reduction” test. Re-hiring employees to avoid the “salary reduction” test. Understanding the SBA’s “75% payroll” test and the newly pasted 60% payroll test under new law. Understanding the income tax aspects of the proposed HEROES bill. Two Actual completed forgiveness forms.

Preparation

None.

Notice

This is a FlexCast (no exam required) and may be viewed only Monday - Saturday, 5am - 5pm PT. You may take up to one year from the date of purchase to complete the course. Pause your FlexCast and resume at a convenient day during the hours above. Partial credit for 2+ credit courses: If you are unable to complete the course in one sitting, partial credit can be awarded (minimum of one credit). To earn the remaining credits, you must return later and start the course from the beginning. Use chat to ask questions of a subject matter expert during the program.