PPP Loan Forgiveness Under the Newly Released PPP “Loan Forgiveness Application” Provides Great News for Borrowers & Many Questions: What We Know Now & How to Prepare
On Friday, May 15th, the SBA issued its 11 page small print application, and Secretary Mnuchen announced that the program has ver $175,000,000 still available to loan. Instructions to the application make it clear that payroll costs can be measured fairly under a new "alternative payroll covered period” and that the 75% rule will not require that 75% of the loan be spent on payroll and payroll expenses to qualify those expenses for debt forgiveness. The newly released application and instructions provide new information and new issues that must be reviewed and understood by all advisors.
To help make sense out of all of this, join Alan Gassman and Brandon Ketron for their exclusive LISI Webinar on what advisors need to know and can do to help their clients and themselves based on what we now know.
Topics covered will include the following:
1. New guidance and information provided by the new application and its instructions, with comprehensive slides which provide full and well organized information to review these rules and issues that still exist, including the following:
A. How the new Alternative Payroll Covered Period works and what it does and doesn't cover. .
B. How non real estate security agreements and leases of personal property can qualify for the mortgage interest forgiveness.
C How the 75% rule works, and what the order of reduction is when there are employees who have significant compensation reductions, or if there is a reduction in work force.
D. Special rules that apply for entities taxed as partnerships.
E. Language on utilities including cable and certain transportion costs.
F. The impact of "necessity" being referred to in the Forgiveness Application .
2. The latest word on the Necessity Requirement and inconsistant FAQ's for borrowers who have received more or less than $2,000,000 in loans.
3. How PPP loans interact and are impacted by EIDL loans, medical relief grants and other sources of capital.
4. The option of repayment without forgiveness and taking the payroll credit-tax ability of the payroll credit.
5. What is in included in the words "Retirement Plans" "Utilities" and other categories of expenses.
5. What is meant by "Paid and Incurred."
6. What to do and how to account for reductions in the number of employees and compensation of given employees under the 75% tests.
8. Special rules that apply for Independent Contractors.
And much more.
There will be no CE for this webinar
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Alan S. Gassman, J.D., LL.M., is a partner in the law firm of Gassman, Crotty & Denicolo, P.A., and practices in Clearwater, Florida. He is a frequent contributor to LISI, and has published numerous articles and books in publications such as BNA Tax & Accounting, Estate Planning, Trusts and Estates, Interactive Legal and Haddon Hall Publishing. The Alan Gassman Channel at Interactive Legal has recently opened, and features many books and resources, including many Florida and Federal based materials, forms and resources. He is also the Moderator for Bloomberg BNA's 2017 Estate Planning Webinar Series. On February 24th Alan and his partners Christopher Denicolo and Ken Crotty will present a Bloomberg BNA Webinar at 12:30 EST on Innovative Trust Planning for Uncertain Times. You can contact Alan at email@example.com for more information with respect to these programs.