WEBINAR: Loan Forgiveness Under the CARES Act Paycheck Protection Program
Gettry Marcus CPA, P.C. presented: Loan Forgiveness Under the CARES Act Paycheck Protection Program: Understanding the Forgiveness Provisions and What Businesses Need to Do Now to Maximize Loan Forgiveness
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.
Topics that will be addressed include:
- 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
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.
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.