On late Friday, May 14, SBA launched its maiden voyage application for PPP loan forgiveness. This never-seen-before adventure goes a long way to clearing up most of our questions about how PPP loan forgiveness works, yet in true SBA fashion, in part, it leaves us hanging in peril.
It’s a bit like playing a game of dodgeball while working through a maze to become free. The object of the game is to make it to the other side without taking a hit. Every hit costs the freedom forgiveness brings. Both safe harbors and peril lurk around almost every corner.
This session shines a light on:
- New SBA Form 3508 (Forgiveness App), Schedule A, Worksheet and Instructions
- Can anything be accrued or paid before or after the 8 week period?
- Choices, choices as to the timing of 8 the week covered period
- How to measure FTEs (full time employees)
- Exactly how the 75% forgiveness rules work
- Are employees fungible in connection with the 75% test?
- How important is tracing actual PPP proceeds to expenditures?
- What questions still hang fire and how to proceed
- How to handle owners comp or reimbursement
- Best practices that cannot wait another day
Bradley Burnett Tax Seminars, Ltd.
Tax Attorney, Tax Advisor, Tax Instructor
[email protected]
Bradley Burnett is a practicing Colorado attorney with 33 years of experience working specifically on tax issues. His practice specializes in tax planning and tax controversy resolution. Mr. Burnett has authored and delivered more than 3,000 presentations on U.S. tax law in the U.S. and international jurisdictions.