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Don Farmer's Maximizing PPP Loan Forgiveness Based on SBA's Recently- Released Loan Forgiveness Application

 Mon, 06/01/2020 from 9:00 am to 12:30 pm
 Online
 
4.0
21 / 3-205W
Hot Event
Registration Status: CLOSED -- Please contact the VSCPA at [email protected] or (800) 733-8272 for availability.
Member Price
$199.00 Regular Registration
Your Price
$249.00 Regular Registration
Designed For:

Anyone involved in the preparation and/or review of income tax returns or who provides tax advice to businesses

Prerequisite:

None

The Small Business Administration (SBA) released Form 3508 “Paycheck Protection Program (PPP) Loan Forgiveness Application” on May 15, 2020. Form 3508 and its instructions provide detailed guidelines for determining PPP loan forgiveness.

Join Don Farmer, CPA, for a webcast providing guidance on how to help your clients plan for maximizing PPP loan forgiveness. Topics include:

  • The treatment of partners, self-employed individuals and S corporation owners
  • Determining full-time equivalent (FTE) employees
  • Avoiding reduction in forgiveness amount because of a reduction in FTEs or a decrease in an employee’s compensation, including new safe harbors for avoiding these reductions
  • Choosing an alternative 8-week period for determining loan forgiveness
  • The meaning of costs “paid and incurred” during the 8-week period
  • Determining costs qualifying for loan forgiveness including the determination of mortgage interest, rents and utilities and the 25% limitation for these expenses

Also learn about:

  • Employee Retention Credit (ERC) — There are many businesses that did not receive PPP loans or that repaid the loans by the SBA’s required deadline. Those businesses may qualify for the ERC. The ERC is equal to 50% of an employee’s qualifying wages up to a maximum $5,000 credit per employee. This credit may be claimed on an amended Form 941. Don will review the ERC provisions including key items covered in the more than 90 FAQs issued by the IRS. 
  • Other recent CARES Act developments

 

Related Events

The Virginia Society of CPAs (VSCPA) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: NASBARegistry.org.

For more information regarding refund, complaint, program cancellation or other policies, visit our Registration Policies page or call (800) 733-8272.