Editor’s Note: After this webinar occurred, the US Small Business Administration on May 22, 2020, issued two new Interim Final Rules (IFR) (the Loan Forgiveness IFR and the Review Process IFR). Ted Batson’s updated article addresses the developments associated with these IFRs. Additionally, in early June, Congress nearly unanimously passed the Paycheck Protection Program Flexibility Act, and on June 5, 2020, President Trump signed it into law. The legislation modifies several key provisions of the CARES Act. Batson wrote a new article further detailing these developments as well. Viewers of this recorded webinar are strongly encouraged to read through these additional updates to ensure they have the most current information available.
Subsequent to the Flexibility Act, the SBA has issued Interim Final Rules (IFRs) addressing PPP and the Flexibility Act: one IFR on June 10, 2020, addresses the Flexibility Act; two more on June 19, 2020, with one addressing the first IFR that SBA published about PPP, and the other addressing other follow-up IFRs for PPP); and one on June 22, 2020, which addresses loan forgiveness and review procedures tied to PPP and the Flexibility Act. Batson will describe and explain these updates in a forthcoming article for Church Law & Tax.
The CARES Act’s Paycheck Protection Program offers small employers, including churches, the opportunity to secure forgivable loans over an eight-week period to help cover payroll and other operational expenses while weathering the economic fallout of the COVID-19 pandemic.
Many congregations received the loans. What they do next is critical.
In this webinar with CPA and tax attorney Ted Batson, a Church Law & Tax advisor at large, church leaders will receive guidance on the types of expenses they can cover with PPP loan proceeds. They will also get a step-by-step tutorial on how to navigate the loan forgiveness process when their eight-week periods expire so that they ensure as much of their loan becomes a nontaxable grant as possible.
Download the presentation slides here.
To stay updated on the latest COVID-19 news and advice from Church Law & Tax, visit: www.ChurchLawAndTax.com/Coronavirus.