PPP Flexibility Act: How it Alters PPP Loan Forgiveness

Many businesses have taken advantage of Paycheck Protection Program (PPP) loans and have already received their loan proceeds. For these loan recipients, the focus now turns to minimizing the amount that has to be repaid.

On June 5, the Paycheck Protection Program Flexibility Act was signed into law. This law extended the period during which the loan proceeds could be spent, and reduced the portion of the loan that had to go toward payroll costs. Additional SBA and Treasury guidance has since been issued, and on June 17, the updated Form 3508 Loan Forgiveness Application and a new Form 3508EZ simplified application were made available.

Join us for a discussion of what you should be considering next and how to maximize your PPP loan forgiveness.

Speakers:
Jude Covas, Managing Principal, Matthews, Carter & Boyce
Jude provides audit and assurance services, accounting, corporate, partnership, and individual tax and business advisory services. His industry specialties include government contracting, commercial real estate, closely held businesses, manufacturing companies and wholesale distributors.

Matt Dwyer, Principal, Matthews, Carter & Boyce
Matt’s practice focuses on services for investment companies, specializing in work with SBA Small Business Investment Companies (SBICs), performing audits, business advisory consulting, accounting and tax services.

Phil Busenitz, Principal, Matthews, Carter & Boyce
Phil has significant experience serving clients in the private equity, small business lending and hospitality industries. He works extensively with investment partnerships in the areas of tax compliance and fund formation, and provides consulting services on investment structures and dispositions.

Cindi Park, Principal, Matthews, Carter & Boyce
Cindi provides tax services and consulting to investment companies, government contractors and closely held businesses. She helps ensure compliance with federal, state and local taxation while implementing tax efficient strategies.