With the new round of second draw PPP Loans and modifications to original PPP Loans resulting from the Consolidated Appropriations Act, 2021, there are important updates to tax treatment, borrower eligibility and forgiveness matters around PPP Loans. On this NASBP Virtual Seminar presenter, Julian Xavier of CLA will touch on the following areas and what bond producers and their contractor clients should discuss and consider from a planning perspective:
• Tax treatment of PPP loan forgiveness income and related expenses
• Update on eligibility for both first and second draw PPP Loans
• Expansion of eligible expenses covered by PPP Loans
• Forgiveness application updates and latest SBA guidance on applications submitted
• Accounting and reporting for PPP Loans