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WEBINAR: Paycheck Protection Program as Amended by the Economic Aid Act
January 15, 2021 @ 10:00 am - 11:00 am
Including Guidance and Planning for PPP 2, the Employee Retention Credit, and Updates on PPP Loan Forgiveness
Join Gettry Marcus, CPA, P.C. and Campolo, Middleton & McCormick, LLP for our continuing webinar series on the recently passed Economic Aid Act (“EAA”), which has amended the Paycheck Protection Program (“PPP”) and now includes an Employee Retention Credit (“ERC”). The EAA has provided updated guidance regarding the first round of PPP loans (“PPP 1”) and announced provisions with respect to businesses applying for a second PPP loan (“PPP 2”) and the Employee Retention Credit.
Some of the key areas that will be discussed include:
PPP 1 and PPP2:
- SBA deadlines to apply
- or PPP 1 and PPP 2 loans through March 31, 2021
- Business type eligibility (and ineligibility) including certain non-profit organizations
- SBA affiliation rule overview
- Calculating the maximum PPP loan borrowing amount
- PPP loan terms, maturity date, and loan forgiveness application deadlines
- Updated definition of the “Covered Period” to utilize a PPP loan
- Expanded permittable uses of a PPP loan, including new eligible “Covered” expenses such as:
- Operations expenditures
- Property damage costs
- Supplier costs
- Worker protection expenditures
- SBA definition of business “gross receipts” and the impact gross receipts have on a business qualifying for a PPP 2 loan
- Reapplying for a PPP 1 loan if all or a portion of the loan was originally returned or the borrower did not accept the full eligible loan prior
- Updated “simplified” loan forgiveness for PPP loans less than or equal to $150,000
- Reversal of and Economic Injury Disaster Loan (“EIDL”) Grant as a reduction of PPP loan forgiveness
Employee Retention Credit (“ERC”):
- Extension and expansion of ERC
- Determining factors of qualifying for the ERC
- Financial reporting periods impacted that may qualify for the credit
- Calculating the credit
- Impact of having both a PPP loan and qualifying for the ERC
- Lee Ferber, CPA, Partner-in-charge of Gettry Marcus’ Business Advisory and Virtual (VRTL) Accounting Services Groups and Co-Chair of the firm’s Health Care Consulting Group. Lee specializes in auditing, accounting, tax, and business advisory services for closely-held businesses. He works collaboratively with business owners and their management teams to develop and implement strategic initiatives that lead to increased growth and profitability, improved performance, and greater value for their businesses
- Christine Malafi, Senior Partner at Campolo, Middleton & McCormick, LLP, focuses on mergers and acquisitions, corporate governance, routine and complex transactions, labor and employment issues, and other business matters. She routinely represents buyers and sellers in multimillion-dollar transactions and serves in a general counsel role for many of the firm’s internationally-based clients.
- Nicholas Backmann, CPA, Supervisor in Gettry Marcus’ Business Valuation and Litigation Services Group, provides financial analysis, forensic accounting services, and valuation services for fraud investigations, marital dissolutions, estate, and gift planning, shareholder disputes, and other types of litigation cases. Nick has been engaged by attorneys, businesses, insurance companies, and individuals to perform services in complex litigation settings.
- Andrew Moore, CPA, Senior Manager in the firm’s Tax Practice Group. With over fifteen years of tax and consulting experience in public accounting, his experience includes management of income tax compliance and planning services for closely-held businesses and high net worth individuals. Additionally, Andrew has significant experience helping clients with tax incentives and credits and assisting clients with Paycheck Protection Program loans and related loan forgiveness computations under the CARES Act.