The Paycheck Protection Program (“PPP”) provided over 5 million loans to businesses in response to the COVID-19 pandemic. However, fundamental aspects of the PPP have changed over time as new guidance is issued by the SBA, Treasury, and IRS and new legislation modifying the Program was passed.
Chamberlain Hrdlicka Shareholder Juan Vasquez, Jr. and Associate Victor Viser, both members of the Chamberlain Hrdlicka PPP Audits and Investigations Practice, will give a presentation for the Houston Bar Association Law Practice Management Committee on September 16, 2020. They will discuss the most up-to-date PPP eligibility requirements, PPP loan terms and uses, the loan forgiveness application process, and the tax consequences associated with PPP loans, including the exclusion of forgiven expenses, need for Form 1099-C, and the implications of IRS Notice 2020-32. In addition, this presentation highlights the most important pieces of proposed legislation that would modify and/or replace certain parts of the PPP if passed, including the RESTAURANTS Act, RESTART Act, and HEALS Act.