The Paycheck Protection Program (PPP) closed May 31st, 2021, but businesses that received PPP loans still have things to think about relating to PPP. This includes, in some cases, 2020 PPP loans (PPP1 loans). This webinar will cover how to get forgiveness on PPP1 and PPP2 loans, what the income-tax reporting is, and how the PPP program interacts with other COVID relief programs such as the employee retention credit (ERC).
Paycheck Protection Program (PPP) Loan Forgiveness
The SBA is currently accepting applications for PPP Loan forgiveness. This training will contain all the information you need to know about the forgiveness process and conditions. We will discuss for what purposes the funds from your PPP loan can be used.
It's important to know what happens if you are not approved for forgiveness and how the loan if forgiven, will affect your taxes. Moreover, how PPP forgiveness works for self-employed individuals as well as partnerships is always the biggest concern. Learn what amount reductions and hiring exemptions occur under what conditions.
This webinar carries detailed guidelines for the first draw and second draw PPP loan forgiveness, how and when you are eligible to apply for it, what documentations you need to compile, and how you can connect and communicate with your PPP lender.
Join Compliancevent this August to figure how to apply for the PPP Loan Forgiveness, what form should be used in what circumstances, and what recordkeeping and documents will be required at what stage.
What You Will Learn
-Up-to-the-minute Congressional updates
-Which forgiveness form to use
-Figuring out your forgiveness period
-Determining wages -- what counts and what doesn't, and how much
-What if you're claiming the employee retention credit (ERC)?
-Partnership vs. self-employment
-How will this affect your taxes?
-How to apply the full-time equivalent and wage-reduction calculations
Why You Should Attend
This webinar will contain up-to-the-minute information about the Paycheck Protection Program, with a focus on how to apply for forgiveness. This webinar is appropriate for both PPP1 loans from 2020, and PPP2 loans from 2021.
The topic of PPP is confusing and full of potholes. Calculations like what percentage is mandatory to use for payroll activities, often confuse masses. This webinar will attempt to clear things up for you so you can successfully apply for forgiveness.
Many businesses are also eligible for the employee retention credit (ERC), and there's an interaction between PPP and the ERC, which we will cover.
Who Will Benefit
You may ask your Question directly to our expert during the Q&A session.