Posted by: Taxlitigator | May 29, 2020

MICHEL STEIN to speak on PPP Loans: Completing Loan Forgiveness Applications, Handling the Latest Q&As and other Recent Guidance

We are pleased to announce that our principal Michel Stein will be speaking at the upcoming Beverly Hills Bar Association webinar on PPP Loans: Completing Loan Forgiveness Applications, Handling the Latest Q&As and other Recent Guidance, Thursday, June 4, 2020, 3:00 pm-4:30 pm.

Coronavirus Aid, Relief and Economic Security Act (CARES Act) brought us the Paycheck Protection Program (PPP).  PPP loans are additions to the Small Business Administration’s Loan Programs. In a short period, the SBA has issued two sets of “interim final rules”, a periodically expanding list of Frequently Asked Questions and, on May 15th, a two page PPP Loan Forgiveness Application, worksheet and  and 8 pages of instructions.

Mike and a panel of lawyers will present a case study using the PPP Loan Forgiveness Application as a framework and will analyze and offer pragmatic guidance on:

  • What strategies are available to maximize the amount of loan forgiveness;
  • How to accurately complete the Loan Forgiveness Application, worksheet and tables;
  • What is the hierarchy of authorities and does it matter;
  • How partners and self-employed are treated;
  • What alternatives are available for borrowers to determine payroll costs;
  • How the two haircuts in the loan forgiveness amount work;
  • Are the expenses funded with a PPP loan deductible for Federal and state income tax purposes;
  • How to handle rehires, furloughed employees, hazard bonuses and salary paid in arrears;
  • Should the borrower use a separate bank account or separate GL account;
  • What should the borrower do with amounts not spent on eligible expenses; and
  • What are the documentation and record keeping strategies recommended for the borrower.

The  panel will also  discuss  whether the lender has the last say on the requirements of the Loan Forgiveness Application and the risks to the borrower of having made erroneous representations and certifications, submitted incorrect answers to questions on the original Loan Application and the Loan Forgiveness Application and  signed bank loan documents without review and professional advice.

For full programming details Click Here.


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

Categories

%d bloggers like this: