The Paycheck Protection Program (PPP) is a loan/grant program designed to assist small businesses impacted by COVID-19. Established by the US Small Business Administration, this unique program allows loans to be forgiven, provided the funds are used in the requisite manner. This webinar will cover the 3 forms available for applying for loan forgiveness: Form 3508, Form 3508-EZ and Form 3508-S. We will include case studies.
Key Topics for the webinar :
- Overview of the program
- Latest Congressional proposals for changes to the program
- Deep discussion of the tax deduction (or lack thereof) issue
- The 3 forgiveness forms
- When to apply for forgiveness
- Choosing 8-weeks or 24-weeks
- Limits on forgiveness on pay to owners
- Limits on forgiveness for pay to non-owners
- What counts as non-payroll costs
- How forgiveness limits work for each entity type: sole proprietor, partnership, S-corporation and C-corporation
- What is the FTE limitation?
- What is the wage-reduction limitation?
- Case studies and filled-out forms