Tax & AccountingSeptember 03, 2020

PPP Key Issues for CPAs and Businesses to Consider Now

PPP Key Issues for CPAs and Businesses to Consider Now

Accounting Today together with ADP and the AICPA conducted a webinar on 9/2 focused on key issues for CPAs and businesses to consider with regard to PPP and PPP loan forgiveness. The key issues of focus are listed below. In addition to this, it is important for many PPP loan recipients, especially those with loans of $150,000 or less to wait for the next round of legislation or further SBA and Treasury guidance before applying for loan forgiveness.

What should businesses and their accountants be bearing in mind in the loan forgiveness application phase?

Through September: Forgiveness & compliance

  • Receive funding
  • Retain employees
  • Calculations & documentation
  • Forgiveness application

Next six months: More relief & business model review

  • Trusted advisor discussions
  • Business model adjustments
  • Forecasting & cash flow
  • Supply chain adjustments
  • Workforce environment
  • Investing in new opportunities
  • Ongoing relief support

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Mark Friedlich
Author at Tax & Accounting
Mark Friedlich, a CPA & tax lawyer, is the principal international & corporate indirect taxation analyst for Wolters Kluwer Tax & Accounting. He is a member of the U.S. Senate Finance Committee’s Chief Tax Counsel’s Advisory Board, advisor to 14 state taxing authorities, and a member of the American Bar Association’s Tax Section and AICPA’s Tax Section leadership teams. Prior to joining Wolters Kluwer he was a Managing Tax Partner at PricewaterhouseCoopers.