COVID-19 | Paycheck Protection Program: Loan Forgiveness Update (OnDemand webinar)

  • Credits: 3
  • Format: OnDemand Webinar
  • Field of Study: Federal Tax Update
  • Author/Speaker: Bradley Burnett | Art Werner

Course ID: Advanced Preparation: Experience Level:
EWTFM-U-01648-20-O | 6233-CE-0371 None Overview
Published Date: Program Prerequisites: Other Course Formats:
© June 2020 Basic Understanding of Taxes Self-Study Video | Audio | Live Webinar

COURSE DESCRIPTION

On June 5, 2020, the President signed legislation (H.R. 7010) radically overhauling the scope and mechanics of PPP loan forgiveness. Many of the bullets we were sweating will fall to the ground. But, which new ones will emerge? The way we play this PPP forgiveness game must be rethought from scratch. [Rethink = To reconsider or involve oneself in reconsideration, especially profoundly.] The time for doing so is now. Regulations interpreting the new law are dropping and blowing out of the water what we thought we knew.

Highlights include:

  • New 24 week forgiveness period blows 8 weeks out of the water
  • But, should we pick the 8 week period instead?
  • New employee reduction safe harbor 12/31/20 end game/uncertainties it creates - a/k/a Kiss 06/30/20 goodbye
  • How Form 3508 and Instructions must change
  • Strategies turned upside down on their head
  • Does this bail America out, create new headaches or both?
  • What about PPP forgiveness changed and what did not?
  • But, wait, what if I want to keep the old macabre rules?
  • Shifted due date for the forgiveness application
  • Anyone that still wants to apply - File your loan app lightning fast
  • How the terms of new PPP loans change – But, what about existing loans?

Learning Objectives:

After reading the course material, you will be able to:

  • Explain PPP loan use and forgiveness.
  • Identify CARES Act PPP statutory provisions.
  • Discuss SBA Treasury Interim Guidance.
  • Navigate FAQs for lenders and borrowers.

Who Should Attend:

  • All Certified Public Accountants (CPAs)
  • Enrolled Agents (EAs)
  • Tax Return Preparers (TRPs)

Qualifies and Approved with All State Boards of Accountancy and the following sponsorship’s:

NASBA
IRS
CTEC