The Coronavirus Aid, Relief, and Economic Security (CARES) Act established the Paycheck Protection Program (PPP) as an incentive for small businesses to retain employees during the COVID-19 pandemic. PPP loans can be forgiven, in whole or in part, if certain requirements are met. The PPP Flexibility Act was signed into law on June 5, 2020 and loosens up some of the rules established under the PPP. For example, costs eligible for forgiveness can now be incurred over a 24-week period instead of an 8-week period, which will help out businesses that are not fully up and running. The CARES Act also makes changes to the already existing Economic Injury Disaster Loans (EIDL) by providing loans to businesses for major disruptions to business and revenues related to COVID-19. The CARES Act also gives workers $600 of additional weekly unemployment compensation and up to 13 more weeks of unemployment compensation.
Mike D’Avolio, CPA, JD and Andy Ibarra CFP will cover what practitioners need to know about the Paycheck Protection Program, Economic Injury Disaster Loans and expanded unemployment compensation benefits. This session will give practitioners the information they need to best advise their clients around these three major provisions included in the CARES Act. The presenters will share what is known today about the legislation, as well as identify areas where we still need additional guidance from government agencies. Attendees will be equipped with resources to monitor as legislation is implemented.
Learning objectives: By completing this webinar, you will be able to advise your clients on topics such as:
- Paycheck Protection Program (PPP)
- PPP Flexibility Act of 2020
- PPP Loan Forgiveness
- Economic Injury Disaster Loan (EIDL)
- Expanded Unemployment Benefits under the CARES Act
Who should attend? Anyone who prepares tax returns and serves taxpayers or business clients.
A copy of the transcript will be available after the session.
Course Level: Intermediate
Course Length: 60 Minutes
Prerequisites: “CARES Act, Paycheck Protection Program Flexibility Act and Legislation Update”
Delivery Method: Group-Live Internet
Field of Study: Specialized Knowledge and Applications
Recommended CPE: 1
Recommended CE: 1