Salient Points on PPP Loan Forgiveness and Small Business Update
Monday, June 8, 2020 | 2:00 pm - 3:00 pm
Please Note: This program will be in a live webinar format — it will consist of audio-only instruction by the faculty, along with a visual aid presentation.
For New York Attorneys: This live webinar format is acceptable for all attorneys (both newly admitted and experienced) for all credit types. This includes, for newly admitted attorneys, Skills credit (through June 30, 2020, per recent guidance of the CLE Board – for more information, click here).
Free for Members | $50 for Nonmembers
New York: 1.0 Law Practice Management
New Jersey: 1.0 General
California: 1.0 General
Pennsylvania: 1.0 General
Connecticut: Available to Licensed Attorneys
This program provides transitional/non-transitional credit to all attorneys
The Paycheck Protection Program (PPP) is moving into a new phase as firms and businesses which have received loans are now turning their attention to how to use their loan proceeds. While maximizing forgiveness may seem like a common goal, for some businesses with an uncertain timetable for reopening other considerations are important to keep in mind. Competing with unemployment insurance benefits, reductions in employee salaries and hours, and even navigating the newest “full time equivalency” calculations are among the most important. Further, understanding what expenses qualify for forgiveness is key to satisfying the SBA’s requirement that at least 75% of PPP loan proceeds be used to cover payroll costs.
Changes to the Paycheck Protection Program as well as new legislative initiatives are being discussed in the U.S. Senate and House of Representatives. Staying on top of the latest laws, regulations, and guidance concerning the PPP Program, as well as other potential small business assistance initiatives being discussed in Washington, is vital to the survival of any business.
Join Program Chair Clement B. Wood and fellow panel members as they provide an overview and insight into some of the issues small businesses are facing in the current environment.
The panel will cover:
- An update on the PPP Program, including forgiveness considerations
- Discussion of the PPP Forgiveness Application and related Interim Final Rules (IFRs) subsequently issued by the SBA, including questions that have been addressed in the Application or IFRs, as well as other questions that have been left unanswered
- Best practices for maximizing forgiveness in order to effectively convert as much as possible of the PPP loan into a grant, including special concerns for self-employed individuals, sole proprietorships, and independent contractors
- Alternative strategies for certain small businesses, such as restaurants, retail service businesses and others who may be unable to achieve forgiveness of a meaningful portion of their PPP loan
- Interaction of the PPP Program with the SBA’s Economic Injury Disaster Loan (EIDL) Program
- The frequently updated sources of continuing guidance from the Small Business Administration, U.S. Treasury Department and Internal Revenue Service
Click Here to View Program Agenda & Faculty
Clement B. Wood, Law Office of Clement B. Wood
Sponsoring Association Committee:
Small Law Firms , Gary M. Kaufman, Chair