PPP Loan Forgiveness - Comprehensive Analysis - By Prof. John Connors

Including A Line-By-Line Comprehensive Example of Forgiveness Form 3508

CREDITS: 3

CATEGORY: Taxation

SPEAKER: Prof. John Connors, CPA, JD, LLM

DATE: December 2, 2020 or On-Demand Archive (NO CPE CREDIT for On-Demand )

TIME: 12:00 P.M. - 2:45 P.M. Eastern

LOCATION: Webinar Rebroadcast

NOTE: There will be an opportunity to receive answers from the instructor in real-time by submitting your questions in the Q&A forum on the webinar page!

As we get through the Oct. 15th deadline, our attention needs to turn toward the PPP loan forgiveness process for those clients that sought out these stimulus payments to help their businesses survive during this pandemic. SBA and Treasury have come out with three distinct application forms, one of which just released on Oct. 8th which grants automatic forgiveness for PPP loans of $50,000 or less. Accompanying these forms are updated FAQs from the SBA handed down on Oct. 13th. This comprehensive review will cover all of these rules and put you in a position to be able to apply for PPP loan forgiveness on behalf of your clients with competency and efficiently. See detailed topics below.

Topics & Learning Objectives Include:

  • LINE-BY-LINE COMPREHENSIVE EXAMPLE OF FORM 3508
  • Form 3508, 3508S, 3508EZ
  • 4.9 million loans totaling in excess of $521 billion - how much will be forgiven
  • Will loan amounts under $150,000 automatically be forgiven?
  • Which form do I use - Form 3508 or Form 3508-EZ?
  • Will there be a second round of funding for the PPP Loan program?
  • Latest SBA and Treasury guidance on PPP loan forgiveness
  • Lenders have 60 days from receipt of application to forward paperwork to SBA
  • SBA has additional 90 days to approve or reject application request for forgiveness
  • Tremendous increase in forgiveness applications expected after Oct. 15th deadline
  • Certain consent/escrow requirements will need to be complied with, even when it is completely clear that the borrower qualifies for complete forgiveness
  • Selling or merging of borrower businesses might have to be put on hold
  • Special “de minimis exception” on transfers might apply
  • Conditions for “fully satisfying” PPP loan amount reviewed
  • 24-week v. 8-week “coverage period” should dramatically increase forgiveness
  • 60% v. 75% for payroll costs should also help
  • Employee headcount and salary levels need only be restored by 12/31/20 v. 6/30/20
  • Additional exceptions available for failure to restore headcount to pre-COVID levels

Prof. Connors is one of the most knowledgeable tax lecturers in the nation. He has the ability to simplify the most complex tax rules. Bring in all your tax questions and get a CORRECT answer.

  • Program Level: Overview
  • Prerequisites: Basic Knowledge of Individual Taxation
  • Advance Preparation: None Required
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