PPP Loan Forgiveness and COVID-19 Tax Developments

Description

Now that borrowers have exhausted their PPP loan funds, attention turns to the application for forgiveness process and issues.  In this session, we will look at the options borrowers have when applying for forgiveness, as well as the pros and cons of applying immediately for forgiveness or waiting a while before starting the application process.  We will also look at any recent developments arising as Congress considers additional relief provisions and the Administration begins implementing their own programs.

Objectives

• A review of eligible payroll and non-payroll costs for forgiveness, including additional guidance on health care and retirement costs issued by the SBA
• The various special safe harbors for avoiding or reducing the impact of the FTE reduction of forgiveness
• The SBA's process for forgiveness applications and the appeals process available to borrowers
• Accounting issues that arise with PPP loans, both before and after forgiveness
• How a PPP loan impacts any changes in ownership
• COVID-19 related payroll tax relief and how employers may take advantage of it

Designed For

CPAs, accountants, finance and tax professionals who want up-to-date information on the implications of the COVID-19 tax changes