MICHEL STEIN to Speak at the Upcoming STEP LA Webinar on PPP Program Loans
We are pleased to announce that Michel Stein will be speaking at the STEP LA Webinar–Payroll Protection Program Loans: Calculating the Loan Forgiveness Amount, Analysis of Legal Risks of Certifications, Representations in Applicants and Loan Documents, Tax Treatment, SBA Audit Risks, Appeals and Criminal Exposures — on Tuesday, July 14th from 7:30 a.m. – 9:30 p.m. (EST).
The Coronavirus Aid, Relief and Economic Security Act (CARES Act) signed on March 27, 2020 authorized the Paycheck Protection Program (PPP) as an addition to the Small Business Administration’s loan programs. Additional funding was provided by the Paycheck Protection Program and Health Care Enhancement Act. The PPP loan program was made more “flexible” by the Paycheck Protection Program Flexibility Act signed on June 5, 2020. Other legislation is pending. The SBA has issued 22 “interim final rules” through June 25, 2020 and a periodically expanding list of Frequently Asked Questions (57 as of June 25, 2020 representing 17 updates). On June 16th, the SBA issued a revised two page PPP Loan Forgiveness Application, schedule and worksheet with two tables to populate and simplified forgiveness application Form 3508EZ. The IRS issued Notice 2020-32 “clarifying” that a tax deduction is not allowed for expenses that are funded by a forgiveness of a PPP loan amount. Accounting bodies (AICPA and CIMA) have addressed the accounting and financial statement treatment of forgivable loans under the PPP. GAO Report to Congress CARES Act (GAO-20-265) issued June 25, 2020 found “significant risks” of approval of “fraudulent or inflated applications” and “likelihood” of misuse of loan proceeds and failures to qualify for full loan forgiveness.
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