NJCPA PPP Loan Forgiveness and Other Recent COVID-19 Developments

• Slides

• Recent SBA Guidance

  • FAQ on PPP Loan Forgiveness Issued by SBA with Some Surprises on Shareholder-Employee Payroll Costs

  • Guidance Issued in the Form of FAQs on Interaction of EIDL Advances and PPP Loan Forgiveness

  • SBA Updates PPP FAQ With Information on Third Party Fees and Insurance Qualifying as Payroll Costs

  • SBA Publishes Interim Final Rule on Appeal Procedures for Certain SBA Decisions Regarding a Borrower's PPP Loan

  • SBA Defines Owner-Employees as Those Holding a 5% or More Interest, Clarifies Certain Lease Nonpayroll Cost Issues in New PPP Forgiveness IFR

• Payroll Tax Holiday

  • Guidance Issued on Deferral of Employee OASDI Withholding Set to Begin on September 1

  • Draft Form 941 Issued to Add Line to Deal with Payroll Tax Holiday Employee OASDI Tax Deferral

  Update Video (Not Much Took Place Since the Original Recording on 9/1/20)