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PPP Flexibility Act of 2020 & Revised Forgiveness Applications

$195.00

This is a 4-hour live video conference (4 credits) led by led by Lucien P. Gauthier, Esq., LL.M., CPA  

Monday the 22nd has sold out, we have now added Friday, June 26th for people who were unable to attend!

A first look at the new legislation signed into law on Friday, June 5th by the President related to changes in the PPP.  Now included: the updated loan forgiveness application forms and revisions in the third and sixth IFRs.

Click Here to Read the Bill

 

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Description

This is a 4-hour live video conference (4 credits) led by led by Lucien P. Gauthier, Esq., LL.M., CPA

We will analyze the Act in detail including the minimum maturity of 5 years which applies to any loan made after date of enactment (06/05); the “covered period” for purposes of applying for a PPP loan was NOT extended; the extension of the “covered period” for purposes of computing the amount of loan forgiveness; the extension of time for restoring a reduction in the number of FTEs and/or salary/wages; the exemption from reduction in FTEs based on employee unavailability; the reduction in the percentage of the amount of a covered loan (loan proceeds) that must be spent on “payroll costs:” the election to use an 8-week covered period for any loan received before the date of enactment (06/05); the extension of the deferral period for the payment of principal, interest, and fees; the retroactive effective date for the amendments made by Act Section 3; the amendment of Section 2302(a) of the CARES Act regarding the delay of payment of the employer OASDI portion of payroll taxes; the emergency designation that says that all of these changes are not subject to Pay-Go; and a discussion of how these various changes are likely to impact the design of the Loan Forgiveness Application and its related instructions.

Zoom Live Video Conference 6/26 10am-2:15am

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06-26-2020

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