PPP Loans: New Legislation & its Impact on Forgiveness Webcast [PPP]

Jun 30, 2020
Time: 10:00am-12:00pm

Subject:

Taxation

Credit Hours:

2.00

Price:

Member: $75.00
Non-member: $125.00

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Discussion Leader: Greg White, CPA

Website registration for this course closes on June 29, 2020. To register after this date please contact the society at akcpa@ak.net or 907-562-4334.

Full Description

PPP Loans: New Legislation and its Impact on Forgiveness Webcast (PPP)

June 30th, 2020

If your clients have received PPP loans, the planning has just begun. Well cover crucial issues related to the recently passed Paycheck Protection Flexibility Act and how to maximize debt forgiveness based on the most current information issued by the SBA:
- What changed in the new legislation?
- How do you determine your covered period?
- Can you keep your original 8-week covered period?
- When will you want to keep your original 8-week covered period?
- An update/review of the following forgiveness topics:
- Alternative covered period
- Do you use cash basis or accrual basis when determining the costs during the covered period?
- How do the FTE and wage reduction Haircuts work?
- What is the ordering rule for determining forgiveness?
- What certifications must your client make on the application for forgiveness?
- What needs to be provided to the bank in order to obtain forgiveness?

Major Topics:
- Practical planning ideas to maximize forgiveness.
- Monitoring the status of PPP funds.
- Planning for the FTE and wage reduction haircuts
- Keeping your clients out of trouble: How to avoid personal liability for PPP loan repayments.
- Getting a game plan in place for the use of the funds once received.

Learning Objectives:
- Understanding the new legislation and how it applies your clients.
- Understanding what the impact of certain elections in the new legislation are and when to make them.
- Compute the amount of debt forgiveness.
- Compute the new limit on nonpayroll expenses.
- Monitor the disbursement of funds.
- Develop a game plan for clients related to PPP forgiveness.
-Identify remaining areas where we still lack guidance.

Designed For: Practitioners advising individual and business clients.

CPE Credits: 2, Taxation

Level of Knowledge: Update

Prerequisite: None

Acronym: PPP

Discussion Leader: Greg White, CPA