The newly-enacted Consolidated Appropriations Act (CAA) has changed the ground rules for applying for new PPP loans and for seeking PPP loan forgiveness. The CAA provides a new round of funding for PPP loans both for those businesses that already have taken a loan and for businesses applying for loans for the first time. With this new round of funding comes a new set of rules related o PPP loan application and forgiveness. Because of this, tax practitioners must nimbly adapt and learn the latest regulations to adequately prepare their clients who need new PPP loans or who wish to pay off prior loans. This program will cover the many new CAA changes as they impact PPP loan forgiveness and new PPP loan applications. The program will also cover the latest developments related to the Form 3508 series.
DESIGNED FOR
Any tax practitioner advising clients with respect to PPP loan forgiveness
BENEFITS
- Second round of Economic Impact Payments
- Employer credits for paid sick and family leave
- Employee Retention Credit: rules for 2020 and 2021
- Tax extender rule changes
- New disaster relief provisions
- Simplified forgiveness application for covered loans up to $150,000
- Latest rules regarding eligibility for the various forms in the Form 3508 series (Form 3508S, 3508EZ and 3508)
- Deductibility of PPP-funded expenditures
- How to apply for PPP loans for the first time and the second time
- PPP loans and the Earned Income Credit
- Entities eligible and ineligible for a PPP2 loan
- Implications resulting from a PPP loan greater than $2 million
- New eligible non-compensatory expenditures for purposes of the 60%/40% requirement
- Round Two of Economic Injury Disaster Loan Advances (EIDL2)
HIGHLIGHTS
Be familiar with the PPP loan issues associated with the new tax and regulatory regime in the Consolidated Appropriations Act
COURSE LEVEL
Update
PREREQUISITES
Basic knowledge of individual income tax rules