PPP Loans and What’s Next: Best Practices to Obtain Loan Forgiveness and Avoid Pitfalls

Congress has allocated more than $600 billion to PPP loans, with, maybe, more to come. Many questions have arisen how businesses should use these funds and account for them to obtain the promised loan forgiveness. In the wake of large well-heeled companies such as Shake Shack and the LA Lakers applying for PPP loans, the Government has quickly released an ever more byzantine web of off the cuff rules, in the form of FAQs. Thus, the goal of PPP loans – to provide fast money to small businesses to avoid widespread failure and unemployment – has become more complicated to realize.

This program, presented in two parts, will, first, analyze how the money has to be used to obtain forgiveness and explain best practices to maximize loan forgiveness while minimizing administrative headaches, and a discussion of related tax problems; and, second, address issues concerning fraud, civil and criminal enforcement, and how audits of PPP loans may proceed.

We will also discuss the other financial support program established under the CARES Act and the Main Street Lending Program, currently under development by the Federal Reserve.

Webinar: Friday, May 15, 2020

10AM-1PM PT, 11AM-2PM MT, 12PM-3PM CT, 1PM-4PM ET

3CPE, 3 IRS CE

THIS PROGRAM IS SOLD OUT

Learning Objectives:

Identify the eligibility factors for the various programs
Understand how the money in each program needs to be spent
Describe the available options for loan forgiveness
Understand the current guidance of each program
Explain the potential fallout for employers who fail to properly account for the funds received

Part 1: Understanding Your Obligations To Obtain Loan Forgiveness

Brief recap of PPP loan eligibility requirements
Forgiveness criteria
Best practices for tracking use of funds to support forgiveness
Tax issues

Part 2: The Coming Storm: Civil and Criminal Enforcement

CARES Act enforcement provisions
Recent criminal enforcement
SBA PPP loan audit

THIS PROGRAM IS SOLD OUT

About the Instructor:

Attorney Jeff Sklarz is a practicing tax and bankruptcy attorney, author, speaker, and coach. His role at Tax Rep Network is speaker, instructor, and coach to members.

Jeff is a partner and founder of law firm Green & Sklarz LLP, which is based in New Haven, Connecticut, where his focus is on representing businesses and individuals with complex financial litigation needs including: bankruptcy/bankruptcy litigation, creditor/debtor litigation, tax litigation, pension and employee benefit litigation and commercial litigation. He regularly tries cases and appeals before Connecticut’s state and federal courts. Jeff has particular experience regarding the interplay between and among bankruptcy law, tax law and ERISA.

Jeff is a frequent lecturer for the American Bar Association Tax Section, the American Bankruptcy Institute, and many other organizations on taxation and bankruptcy issues, including the discharging of taxes and reorganizations through bankruptcy.

Jeff is a 2005 recipient of the Connecticut Law Tribune’s New Leaders of the Law Award (Overall Achievement, Fairfield County) and has been listed by New England Super Lawyer® as a Super Lawyer (Business Litigation) since 2010 (Rising Star 2010-2013), and was named a Fellow of the American Bar Association, Business Law Section (2011 – 2013). Jeff holds many positions with local and national bar organizations and is a frequent writer and lecturer on topics involving bankruptcy, tax litigation and commercial litigation. Current positions include: Chair of the Government Powers Sub-Committee of the American Bar Association, Business Law Section, Business Bankruptcy Committee and Education Director of the American Bankruptcy Institute, Bankruptcy Tax Committee.

Investment

Time to attend: 3 hours

Fee: $99 until 5/15/2020 midnight, then $129

IRS CE Information:

Prerequisites: None
Advanced Preparation: None
Program Level: Update
Delivery Method: Group Internet Based
Field of Study: Tax
CPE: 3 hours