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PPP Loan Forgiveness Cases and Examples: Choosing Covered Period and Filling Out the Form

PPP LOAN FORGIVENESS CASES AND EXAMPLES CHOOSING COVERED PERIOD/FILLING OUT FORM

Cost $30.00
CPE Credits 1.5 hours
CE Credits 0.0 hours
Subject Area Finance
Course Level Basic
Instructional Method Group Internet Based
Prerequisites None
Advanced Preparation None
Course Description

PPP loan borrowers face moments of truth:  Which covered period to choose?  The slow throttle 24 weeks or rapid-fire 8?  When can the forgiveness app be filed? When should the forgiveness app be filed? Need you wait 24 weeks to file for forgiveness? What if there’s a drop in employee pay or headcount? How to know when a drop in pay or headcount endangers forgiveness or not?
 
There’s one way to answer all of these daunting PPP questions: via the study of cases and examples. If you plow through the right examples, you’ll get the hang of it. Patterns will emerge and so will your successful navigation through the PPP forgiveness maze. 
 
We’ll guide you through the right moves for forgiveness through examples:


  • Sole proprietor without (or with) employees – How long to wait 

  • General partners with SE income from the partnership – Right moves to make 

  • S and C Corp owners – How exactly to compute compensation for forgiveness

  • Consequences of choosing 24 vs. 8 weeks period

  • Working examples of the drop in salary or wages / Timing of safe harbor

  • Working examples of drop-in headcount (full-time employee equivalents (FTEEs))

  • Application of each of seven drop-in headcount safe harbors

  • Computing average pay and headcount for multiple testing periods

  • Taking the mystery out of “odds and ends” fact patterns

  • How to file your forgiveness app early and put it to rest

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Bradley Burnett, J.D., LL.M., is a practicing Colorado tax attorney with 33 years of tax practice experience. His practice emphasis is on tax planning and tax controversy resolution. Mr. Burnett has delivered more than 3,000 presentations on U.S. tax law throughout all fifty U.S. states, Washington, D.C., the Bahamas, Italy, Greece, Turkey and Canada. He has authored texts of 35 CPE courses. Mr. Burnett’s seminar style is to deliver the subject matter in briskly paced, enthusiastic and witty fashion. His forte is the candid communication of practical ideas relating to tax law.

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CPAacademy.org (Sponsor Id#: 111889) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

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About Our Presenter

Bradlyburnett logo2
Mr. Burnett has delivered more than 3,000 presentations on U.S. tax law throughout all fifty U.S. states, Washington, D.C., the Bahamas, Italy, Greece, Turkey and Canada. He has authored texts of 35 CPE courses.