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On Friday, May 15th, the SBA issued its 11-page small print application, and Secretary Mnuchen announced that the program has over $175,000,000 still available to loan. Instructions to the application make it clear that payroll costs can be measured fairly under a new "alternative payroll covered period” and that the 75% rule will not require that 75% of the loan be spent on payroll and payroll expenses to qualify those expenses for debt forgiveness. The newly released application and instructions provide new information and new issues that must be reviewed and understood by all advisors.
1. New guidance and information provided by the new application and its instructions, with comprehensive slides which provide full and well-organized information to review these rules and issues that still exist, including the following:
- A. How the new Alternative Payroll Covered Period works and what it does and doesn't cover
- B. How non-real estate security agreements and leases of personal property can qualify for the mortgage interest forgiveness
- C. How the 75% rule works, and what the order of reduction is when there are employees who have significant compensation reductions, or if there is a reduction in the workforce
- D. Special rules that apply for entities taxed as partnerships
- E. Language on utilities including cable and certain transportation costs
- F. The impact of "necessity" being referred to in the Forgiveness Application.
3. How PPP loans interact and are impacted by EIDL loans, medical relief grants, and other sources of capital
4. The option of repayment without forgiveness and taking the payroll credit-tax ability of the payroll credit
5. What is included in the words "Retirement Plans" "Utilities" and other categories of expenses
6. What is meant by "Paid and Incurred"
7. What to do and how to account for reductions in the number of employees and compensation of given employees under the 75% tests
8. Special rules that apply for Independent Contractors
And much more.
Alan Gassman
Gassman, Crotty & Denicolo, P.A.
President
[email protected]
(727) 442-1200
Alan S. Gassman, J.D., LL.M., is a board-certified estate planning and trust lawyer who practices in Clearwater, Florida. He has an LL.M. in taxation from the University of Florida and practices in trust and estate planning, tax, wealth preservation, and the representation of physicians and medical practices.
Mr. Gassman speaks at many tax conferences, national programs, and webinar platforms, including Bloomberg BNA Tax and Accounting and the Notre Dame Tax and Estate Planning Institute.
Brandon Ketron
Gassman, Crotty & Denicolo, P.A.
Associate Attorney
[email protected]
Brandon Ketron is an associate at the law firm of Gassman, Crotty, and Denicola, P.A. and practices in the areas of Estate Planning, Tax, and Corporate and Business Law. Brandon graduated from the University of Florida in May of 2016, where he received his LLM in Taxation. He received his JD from Stetson University College of Law and graduated cum laude. Brandon received his undergraduate degree from Roanoke College, where he graduated cum laude with a Business Administration degree and concentrations in accounting and finance. Brandon is licensed to practice law in Florida and is a licensed CPA in Florida and Virginia.
Kevin A. Cameron
C&L Value Advisors LLC
Managing Partner
[email protected]
(813) 286-7373
Kevin is the managing member partner of C&L Value Advisors, LLC. His primary focus in the firm is working with business owner clients, providing comprehensive accounting, tax preparation and planning, and advisory services. Kevin has presented over 200 programs to individuals and business owners on topics including tax planning, estate and retirement planning, business development, and more.
About Our Presenter
Our firm was formed in 1987 with one lawyer and a shared secretary and receptionist to provide representation to professionals, business owners and retirees in their estate and related tax and personal planning, business and corporate needs.
Since then we have grown to 6 lawyers and over 20 staff, which we have found over the past two decades to be the best size for us. We are very proud of our team, our systems, and our dedication to providing the best and most appropriate legal services for all clients, whether big or small. Our lawyers meet together almost every morning to discuss and work together on cases, strategies and practice improvement projects in order to work the most efficiently and effectively for our clients. We like what we do and enjoy working together.
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