PPP and EIDL Loan Rules Update and Review
The SBA has just issued further guidance on January 19, 2021 and over the weekend providing dozens of pages of guidance on Second Draw PPP Loans, amending initial PPP loans to receive more funds, forgiveness calculation rules, and more. Join Alan Gassman and Brandon Ketron for a thorough and detailed discussion of where these rules - and borrowers and their advisors - now stand as the result of this guidance.
In their exclusive LISI Webinar, Alan and Brandon will review the following points:
- How the 24 new FAQs impact Second Draw PPP Loan qualifications and strategies.
- How the 14 new Questions and Answers relating to First Draw PPP loan calculations and loan documentation affect planning going forward.
- How the rules may apply differently to partnerships, S corporations, C corporations and their owners.
- How to determine what accounting method can be used and what the definition of gross receipts is for both for profit and not-for-profit borrowers.
- What documentation will be required to confirm the 25% reduction in gross receipts.
- When tax returns can be used to verify gross receipts disparity and how Schedule C borrowers can determine Second Draw maximum loan.
- Which Application should be used by borrowers.
- Which borrowers can re-submit Loan Forgiveness Applications, and what to do if re-submission is not permitted.
- How the above impacts Employee Retention Tax Credit eligibility and planning.
- How the above will impact medical practices and businesses that must calculate lost revenues and increased expenses by February 15th with respect to Provider Relief Funds and possible repayment obligations.
- And much more!
There will be no CE for this webinar
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Alan S. Gassman, J.D., LL.M., is a partner in the law firm of Gassman, Crotty & Denicolo, P.A., and practices in Clearwater, Florida. He is a frequent contributor to LISI, and has published numerous articles and books in publications such as BNA Tax & Accounting, Estate Planning, Trusts and Estates, Interactive Legal and Haddon Hall Publishing. The Alan Gassman Channel at Interactive Legal has recently opened, and features many books and resources, including many Florida and Federal based materials, forms and resources. He is also the Moderator for Bloomberg BNA's 2017 Estate Planning Webinar Series. On February 24th Alan and his partners Christopher Denicolo and Ken Crotty will present a Bloomberg BNA Webinar at 12:30 EST on Innovative Trust Planning for Uncertain Times. You can contact Alan at email@example.com for more information with respect to these programs.