The SBA released Form 3508 “Paycheck Protection Program Loan Forgiveness Application” on May 15, 2020. Form 3508 and its instructions provide detailed guidelines for determining PPP loan forgiveness. The First Objective of this webcast is to help clients plan for maximizing PPP loan forgiveness. Secondly, Walter will guide you through the critical steps needed to complete Form 3508. Join Walter on Monday June 1st, 2020 for a detailed analysis of the SBA’s loan forgiveness provisions including:

• The treatment of partners, self-employed individuals, and S corporation owners;
• Determining FTEs;
• Avoiding reduction in forgiveness amount due to 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 payroll costs for determining loan forgiveness;
• The meaning of costs “paid and incurred” during the 8-week period; and
• Determining costs qualifying for loan forgiveness including the determination of mortgage interest, rents, and utilities and the 25% limitation for these expenses.

OTHER TOPICS:

• Employee Retention Credit. There are many businesses that did not receive PPP loans or that repaid the loans by dates specified by the SBA. Those businesses may qualify for the Employee Retention Credit (ERC). The ERC is a credit 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. Walter will review the latest ERC provisions (including highlights from the 90+ FAQs posted on the IRS website).
• Other Recent CARES Act Developments. The primary focus of this webcast is the PPP loan forgiveness provisions. However, time permitting, Walter will review other recent CARES Act developments.