Since the signing of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) into law in March, a number of interim rules have been issued by the Small Business Administration (SBA) significantly changing provisions of the Paycheck Protection Program (PPP) and providing needed clarification. Even with additional guidance from SBA and more time to use their PPP loans, business owners and tax-exempt organizations are encountering a number of challenges. From tracking internal expenses to qualifying for forgiveness (and that application process), many questions remain unanswered for small businesses and nonprofits.

GRF’s accounting, audit and tax experts lead an interactive discussion on accounting for PPP loans and maximizing the likelihood for loan forgiveness. Our speakers detail practical steps to ensure that your organization is ideally positioned for loan forgiveness as well as future financial challenges as the pandemic continues.

Topics:

  • Recent updates on PPP loan program
  • Extension of the deadline for using PPP loans
  • Record keeping options, including AICPA guidance on loans and conditional grants
  • Completing the loan forgiveness application, including the new Form 3508EZ
  • Effects on the Federal Form 990 and additional tax impacts

 

Slide Deck

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Recording

 

 

Speakers

Amy Boland, CPA | Partner, Audit

Elinor Litwack, CPA | Partner, Outsourced Accounting & Advisory Services

Richard J. Locastro, CPA, JD | Partner and Director, Nonprofit Tax

Troy Turner, CPA | Vice President, Partner and Director, Tax