Maximizing PPP Loan Forgiveness Based on SBAs Loan Forgiveness Application
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 Friday June 5, 2020 for a detailed analysis of the SBA’s loan forgiveness provisions including:<div class="ui event-description m-b" style="padding-left: 0px !important" data-lrt-toggle="body">
- 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.