- NY Credits : 1.0
- TX Credits : 1.0
In March 2020, Congress first started looking to help small businesses with the lockdowns due to coronavirus. Millions were provided to qualifying businesses and nonprofits in the form of forgivable loans. Kurt Oestriecher, CPA discusses Form 3508S on PPP loan forgiveness. In particular, he reviews what qualifies for wages, how owners are restricted, and what documentation needs to be retained.
Included with subscription(s):
Upon successful completion of this course, the user should be able to:
identify the maximum covered period permitted under the Paycheck Protection and Loan Flexibility Act,
determine the ownership percentage that qualifies a shareholder/partner as an owner for wage purposes,
identify the percentage of PPP loans under 50,000,
identify the purpose of Form 3508S, and
identify needed documentation related to loan forgiveness.