SBA ISSUES TWO SETS OF NEW REGULATIONS AND CONGRESS INTRODUCES BIPARTISAN PPP IMPROVEMENT BILL
On Friday evening, the SBA issued Interim Final PPP Forgiveness Rules and a second set of interim rules on SBA audits and appeals. The new PPP rules go beyond the forgiveness forms, and provide timely insight into maximizing forgiveness and the role of the borrower, the lender and the SBA in the process.
However, these new interim rules are meaningless in a vacuum without “knowing where the law is going. “ It is almost certain that Congress will make major changes to the PPP program and understanding these changes is critical to providing solid advice.
Finally, the 19 pages of Interim Final Rules on SBA loan review procedures and related borrower and lender responsibilities set forth guidance on SBA audits and appeals. Knowing the audit and appeal process will help you with developing a solid strategy within the law.
In this class, Marty and Bob will cover:
1) The new forgiveness rules,
2) The new audit and appeal rules
3) The important proposed changes in a Bipartisan bill, followed by a robust Q&A period.
Topics covered will include:
- An provision-by-provision review of the bill in Congress including the provisions in conflict with the just issued forgiveness rules and form.
- Elimination of the SBA’s 75% payroll rule by Congress.
- Congressional override of IRS position on forgiveness.
- Congressional expansion of the Employee Retention Credit.
- Retroactive effective dates of the proposed statutory provisions.
- When and how to submit your forgiveness application and the audit and appeal process
- Computing payroll costs including retirement plans, healthcare and bonuses.
- Understanding the FTE ratio and supporting rules.
- Understanding the salary reduction rules
- The interplay between the FTE and salary reduction rules
- The rehiring and salary safe-havens
- Computing interest expense
- Computing rental expenses and disclosures
- Why client’s should defer the employer side of social security taxes even when they have a PPP loan.
- Insight into the SBA’s review/audit program and the role of the IRS
- Strategies to enhance PPP forgiveness
- Insight into the SBA audit process
- Insight into the SBA appeals process
There will be no CE for this webinar
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