The Latest on PPP Loan Forgiveness-The Latest on PPP Loan Forgiveness

Video Transcription

Video Summary

In this webinar, the speakers discuss the Paycheck Protection Program (PPP) Loan Forgiveness and other tax issues related to government programs and tax benefits. The webinar focuses on providing updates and clarifications on PPP loan forgiveness. The speakers emphasize the importance of using the 24-week covered period to fully consume the loan with payroll expenses, as this reduces the risk of possible audits. They also explain the calculation of forgivable payroll costs for different tax statuses, including C corporation shareholders, self-employed individuals, and general partners of partnerships. The speakers address non-payroll costs that can be included in the forgiveness calculation, such as rent, utilities, and interest on secured debt. They also mention that the forgiveness calculation may need to be reduced if there were changes in employee count or salaries. Furthermore, the speakers clarify that interest on unsecured debt, transportation expenses, and certain utility fees are not eligible for forgiveness. They also discuss the deductibility of expenses related to PPP loans, noting that the IRS currently does not allow deductions for these expenses. The speakers express uncertainty about whether Congress will address this issue before the end of the year. Overall, the webinar provides valuable information and guidance for businesses seeking PPP loan forgiveness.

Keywords

webinar

Paycheck Protection Program

PPP

Loan Forgiveness

tax issues

government programs

updates

forgivable payroll costs

non-payroll costs

deductibility