The SBA issued important guidance on October 2^nd which restricts the ability for PPP borrowers and their owners to transfer entity interests and assets.  Also, a new forgiveness application and rules for loans under $50,000, were issued as well as two recent FAQs that provide guidance on PPP loan rules.  From these items of guidance and new restrictions, we will provide practical guidance and important tax and estate planning strategies for LLC's and other entities that have taken PPP loans and have tax, estate planning, and other needs and opportunities in view of the possible changes in the tax law and other circumstances faxed by borrowers and their owners. 

Learning Objectives:

• Identify what transfers and sales will not require SBA notice or lender approval


• Recognize when transfers and sales will require Lender notice and escrow, but no SBA approval


• Identify what to do when the borrower does not have sufficient funds for escrow


• Identify tax planning with entity ownership transfers, and alternative strategies for estate and estate tax planning


• Demonstrate how a new version of the application applies to loans under $50,000


• Recognize how to understand the impact of recent FAQs


• Identify income tax planning for the question of whether and when expenses incurred for PPP loans that are expected to be deductible will occur

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