On June 16, 2020 from 10:00 – 11:00 a.m., join Gettry Marcus, CPA, P.C. and CMM’s Christine Malafi for Part 3 of the webinar series on the recently passed Paycheck Protection Program Flexibility Act (“PPPFA”). The PPPFA greatly increases the likelihood of loan forgiveness.
This webinar will address PPPFA’s impact on earlier provisions of the PPP loan program, including the following:
• An increase in the Covered Period from 8 to 24 weeks, but no later than December 31, 2020.
• During the period February 15, 2020 to December 31, 2020, loan forgiveness will be exempt from a reduction in the number of FTE’s pursuant to additional PPPFA guidelines.
• To receive loan forgiveness, a borrower now must use at least 60% of the PPP loan amount for payroll costs and may use up to 40% for non-payroll costs (with possible “cliff” provisions).
• PPP loan terms can now generally range from 2 to 5 years, with the possibility of a longer 10-year term.
• PPP loan borrowers are now eligible for the CARES Act payroll tax deferral.
• Planning Tools
• SBA and Treasury Department Guidance
- Lee Ferber, CPA, Partner at Gettry Marcus CPA, P.C.
- Christine Malafi, Esq., Senior Partner at Campolo, Middleton & McCormick, LLP
- Nicholas Backmann, CPA, Supervisor at Gettry Marcus CPA, P.C.
Register soon as we expect this webinar to close out!