Using the Payroll Protection Program of the CARES Act
BREAKING NEWS: The Small Business Administration just released Payroll Protection Program regulations Thursday night. Bob and Marty will cover this new guidance so you have the latest information to share with clients who are applying for PPP loans.
The most important aspect of the $2.2 Trillion “CARES Act” for the overwhelming majority of small businesses will be the Payroll Protection Program. Structured as an income tax-free forgivable loan, the Payroll Protection Program will provide an enormous backstop to the nation’s small businesses during this uncertain time. To learn how to help your client’s best use the program, join Bob Keebler and Martin Shenkman in their exclusive LISI Webinar where they will discuss the folowing planning considerations all advisors must know about:
- The PPP Regulations issued by the SBA Thursday night
- Computing the maximum loan amount
- Forgivable uses of loan proceeds
- Review and understand the brand new SBA PPP loan application
- Reduction in forgivable amount for reducing employee headcount or payroll
- Re-hiring employees to capture forgiveness
- Basic loan terms
- Taxability of cancellation of debt (COD)
- Interaction with other SBA disaster loan programs
- Interaction the employee retention tax credit and payroll tax deferral in the CARES act
- Interaction with the payroll tax credit to for employee sick leave in the Families First Coronavirus Response Act
There will be no CE for this webinar
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