PPP Loans --Forgiveness and Frequently Asked Questions (Latest Update)

Greg White

State of the Art Tax LLC

Thursday, December 03, 2020 | 10:00 AM EDT

  • AFSP
  • CPA
  • EA
  • Tax Preparer
  • Oregon Tax Preparer
  • CTEC

2 Credits

$20

Subject Area

Taxes

Webinar Qualifies For

2 CPE credit of Taxes for all CPAs

2 CE credit of Federal Tax Update for Oregon Tax Preparers

2 CE credit of Federal Tax Update for Enrolled Agents ( IRS Approved : GEHNZ )

2 CE credit of Federal Tax Law Update for California Tax Professionals (CTEC Approved-6273)

2 CE credit of Federal Tax for Maryland Tax Preparers

2 General Educational credit for Tax Professionals / Bookkeepers / Accountants

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Course Description

Paycheck Protection Program is the $659 billion funded under the Small Business Administration (SBA)—Business Loans Program Account - intended to provide loans to businesses to guarantee eight weeks of payroll and other costs to help those businesses remain viable and allow their workers to pay their bills. 

If your clients have received PPP loans, irrespective of what stage they are the planning in this context has just begun. This webinar is specifically aimed to answer frequently asked questions involving which forgiveness application to file, deductibility of expenses related to the PPP loan, and limitations on owner compensation for determining forgivable costs.

Key questions discussed:

  • Can clients deduct the expenses that are used to produce PPP forgiveness?
  • Which clients can file Form 3508EZ?
  • Can my client deduct expenses that were used as “forgivable” costs?
  • What are the limits on owner compensation for S corporations, sole proprietors, partnerships, and C corporations?
  • Are retirement contributions made on behalf of owners for forgivable costs? 
  • Are prepaid expenses forgivable costs?
  • What covered period should my clients pick?
  • How can my clients get full debt forgiveness if they’ve had reductions in full-time equivalents?
  • How long do I have to submit the forgiveness application?
  • Are medical insurance costs for owners included in forgivable costs?
  • How do I treat EIDL advances?
  • Are spouses and children of an owner subject to the same limits as owners?
  • How are part-time workers treated?
  • How can my clients get full PPP forgiveness even though they cut the wages of employees?

The practitioners providing advice will have a chance to identify the most efficient way to solve the FAQs.

Learning Objectives

  • To recognize and explore the new legislation and how it applies to your clients.
  • To identify the calculation of the amount of debt forgiveness.
  • To recognize how to complete the proper form to apply for PPP forgiveness.
  • To identify remaining areas where we still lack guidance.

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