On July 1, MCB principals Jude Covas, Matt Dwyer, Phil Busenitz and Cindi Park presented a webinar for clients and SBIA members seeking information about the PPP Flexibility Act and loan forgiveness. The principals gave an overview of the PPP Flexibility Act, which SBA loan forgiveness application to use, and also discussed eligible and ineligible payroll costs, covered period, the forgiveness calculation and more. Specific examples were created to illustrate key points on loan forgiveness calculations including salary / hourly wage reductions, full time equivalent (FTE) reductions as well as safe harbors. Questions submitted in advance by participants were answered during a Q&A. Pending legislation and key issues that have yet to be addressed were also highlighted.

For a copy of the presentation slides click here. You may also view the webinar recording PPP Flexibility Act: How it Alters PPP Loan Forgiveness.

Continue to check back here for the most up-to-date tax information and changes in response to coronavirus. If you have questions about this or related topics contact an MCB Advisor at 703-218-3600 or click here. 

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