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WEBINAR: Loan Forgiveness Under the CARES Act Paycheck Protection Program
April 23, 2020 @ 10:00 am - 11:00 am
Gettry Marcus CPA, P.C. presents Loan Forgiveness Under the CARES Act Paycheck Protection Program: Understanding the Forgiveness Provisions and What Businesses Need to Do Now to Maximize Loan Forgiveness
Thursday, April 23, 2020 | 10:00 a.m. – 11:00 a.m.
Now that many small businesses have received or are waiting for funding of their Paycheck Protection Program (“PPP”) loans, focus should now turn to the Loan Forgiveness phase of the PPP Loan program. While applying for loan forgiveness does not start until after June 30, 2020, what you do during the 8-week “Covered Period”, which begins on the date of loan origination, can impact the amount of loan forgiveness received. For this reason, now is the time for businesses to make sure that procedures are in place to comply with the strict loan forgiveness requirements set for in the CARES Act. Businesses that meet these requirements will have the greatest likelihood of maximizing loan forgiveness.
Join us & Campolo, Middleton & McCormick, LLP for an upcoming complimentary webinar that will address the specific loan forgiveness provisions and what you should be doing during the critical 8-week Covered Period. The webinar will include examples that will help you to better understand specific CARES Act’s loan forgiveness provisions and provide planning tools that can be used to help achieve maximum loan forgiveness.
Lee Ferber, CPA, Partner at Gettry Marcus CPA, P.C.
Christine Malafi, Esq., Senior Partner at Campolo, Middleton & McCormick, LLP
Nicholas Backmann, CPA, Supervisor at Gettry Marcus CPA, P.C.
Areas to be addressed in the webinar are as follows:
• The tests that have to be met during the 8-week Covered Period:
• Use of loan proceeds
• Full time equivalent employee (“FTE”) test
• Compensation reduction test
• An approach to use to calculate FTE headcount
• How re-hiring employees during the Covered Period can impact loan forgiveness
• The payroll and accounting records, as well as supporting documentation, that needs to be maintained during the Covered Period