PPP Loan Changes: Forgiveness, Additional Loans, Employer Retention Credit and More
Major enhancements to the Paycheck Protection Program (PPP) are included in the Consolidated Appropriations Act, 2021. Join our team of tax professionals for an overview of how the new provisions may impact your business.
After this session, participants will be able to:
- Explain the new loan forgiveness process and additional eligible expenses for the original PPP loan
- Evaluate the possibility of obtaining an increased or new original PPP loan
- Describe the requirements for a second draw of PPP loan funds
- Provide an overview of employee retention credits that PPP borrowers might be eligible to receive for 2020 and 2021 qualifying wages
If you received a PPP loan in 2020, the Consolidated Appropriations Act, 2021 answers questions regarding taxation of the loan proceeds, forgiveness event and expenses paid by the loan funds. You may also qualify for additional PPP funds that can be forgiven. If you were not originally eligible for the PPP loan program, you may be under the new provisions. Additional expenses qualify for forgiveness, Economic Injury and Disaster Loan advances no longer decrease your PPP forgiveness amount and a simplified forgiveness process will be created for loans that do not exceed $150,000. Additionally, PPP loan recipients may qualify on a retroactive basis for 2020 Employee Retention Credits (ERCs) and for the substantially increased 2021 ERCs.
PRESENTERS
PRESENTERS
Andrew Gibson
Managing Partner Global Employer Services & National Tax Office Leader
BDO USA, LLP
Timothy Paice
Tax Managing Director
BDO USA, LLP
Gabe Rubio
Principal, Business Incentives Group
BDO USA, LLP
Joan Vines
Managing Director, National Tax - Compensation and Benefits
BDO USA, LLP
PPP Loan Changes: Forgiveness, Additi...
Date and Time
Tuesday Jan 12, 2021
1:00 PM - 2:00 PM AKST
