WEBINAR: Paycheck Protection Program Flexibility Act
Gettry Marcus CPA, P.C. presented Paycheck Protection Program Flexibility Act
Including a Discussion on its Impact on Loan Forgiveness
Join Gettry Marcus, CPA, P.C. and Campolo, Middleton & McCormick, LLP for Part 3 of our webinar series on the recently passed Paycheck Protection Program Flexibility Act (“PPPFA”). The PPPFA greatly increases the likelihood of loan forgiveness.
This webinar will address PPPFA’s impact on earlier provisions of the PPP loan program, including the following:
- An increase in the Covered Period from 8 to 24 weeks, but no later than December 31, 2020.
- During the period February 15, 2020 to December 31, 2020, loan forgiveness will be exempt from a reduction in the number of FTE’s pursuant to additional PPPFA guidelines.
- To receive loan forgiveness, a borrower now must use at least 60% of the PPP loan amount for payroll costs and may use up to 40% for non-payroll costs (with possible “cliff” provisions).
- PPP loan terms can now generally range from 2 to 5 years, with the possibility of a longer 10-year term.
- PPP loan borrowers are now eligible for the CARES Act payroll tax deferral.
- Planning Tools
- SBA and Treasury Department Guidance
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.
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