Rescheduled to Friday, October 16, 2020 (previous 9/24/20)
Up to now Congress has not been successful in negotiating the latest proposed round of stimulus legislation, but recent pressure on both the House and the Senate may bring about changes to the PPP forgiveness application process. In this webinar we will review the newest SBA/IRS guidelines for the preparation of SBA forms 3508 and 3508EZ using both the 8 week and 24 week periods, and hopefully the 1 page certification form for loans under $150,000 if that provision is included in the current negotiations in Washington . Lenders are now starting to process the forgiveness application forms and this webinar will assist the tax professional in the preparation of the SBA forms.
Our last webinar on this subject was in July, and since that time the SBA has issued significant additional guidance on the PPP forgiveness procedures. We are anticipating further modifications due to pending Congressional action.
PPP Forgiveness Application Preparation.
The SBA recently clarified the computation of owner-employees and owner’s compensation replacement for the purpose of computing PPP forgiveness. The SBA also issued form 3508EZ (PPP Forgiveness Application) that many borrowers will be able to use and the full form 3508 that the remaining PPP borrowers will have to use. With the new rules provided by both the PPP Flexibility Act and SBA additional guidance that allows a 24 week “covered period” instead of the previous 8 weeks “covered period”, much if not all of the PPP loan will be forgiven. However, the 8 weeks “covered period” can be elected if the client chooses. This webinar will focus on the recent changes and we will be providing EXCEL worksheets to assist you in preparation of both forms 3508EZ and 3508. This webinar is a must-attend for practitioners who will be assisting their clients in completing the PPP forgiveness application.
CE: 2 hours
The charge for this webinar might appear as Kale IT Solutions, Inc. on your credit card statement.
The webinar handouts/files will be available for download the morning of Friday, October 16, 2020, on our website.
Friday, October 16, 2020, at 1:00 pm to 3:00 pm CDT.