The Strategy to Use for Your PPP Loan Forgiveness Process

by | Sep 21, 2020 | Webinars

[vc_row][vc_column][vc_video link=”https://vimeo.com/463209850/9e5ad05454″][vc_column_text]

The Strategy to Use for Your PPP Loan Forgiveness Process

Do not rush the process but be prepared for the forgiveness and the tax liability that may exist.

Webinar Date & Time: Wednesday, September 30th at 1pm CST. A 30-minute overview session.

Session Overview. Identify the vital elements needed to maximize your loan forgiveness and understand what liability may exist with your PPP loan. We will walk through practical hands on examples of what you will need to do to guide compliance for pursuing forgiveness.

Maximizing Forgiveness. Do not submit your forgiveness and unexpectedly need to return a portion of the funding. Identify how to validate that you followed the spend rules and properly documented your forgiveness. As of today, every lending institution will run their own forgiveness process. Some will be online using a short form and others will require more extensive support.

PPP Tax Liability. No one is talking about the tax liability. Unless the rules change, the expenditures made with your PPP loan funds are non-deductible. It will be taxed like regular income. A $250,000 loan with a 25% tax rate (your rate will vary) creates a $62,500 tax. We will walk you through how to forecast your year-end tax liability with the PPP tax factor so there are no surprises come tax time.

Presenters:

Jeffrey D. Bronswick, CPA, MBA, CGMA

Jeff is the Managing Partner at Bronswick Benjamin. After working with a “Big Four” firm for several years, he joined Reicin Pollack, which would later become Bronswick Benjamin. Currently servicing a variety of clients in manufacturing, distribution, technology, professional services, labor organizations, and employee benefit plans. Jeff prides himself on his unique approach with clients, in that companies and owners need a true business advisor who can assist them as their companies evolve over time and can grow with them. Mr. Bronswick holds a Bachelor of Science in Accountancy from Northern Illinois University, Cum Laude with University Honors and an MBA from Northern Illinois University as well. His associations include, an active Member of the American Institute of Certified Public Accountants and a Member of Illinois Society of Certified Public Accountants.

 

Caleb Lendy, CPA, MST

Caleb Lendy is a Partner at Bronswick Benjamin. He joined Bronswick Benjamin in 2012 through the merger of Bronswick Reicin Pollack and Benjamin Birkenstein. At BB, Caleb specializes in tax compliance, tax planning, and business advisory services for a variety of different industries including manufacturing, distribution, construction, technology, business services, and medical. He has devoted considerable time to handling multi-state income tax preparation for several of BB’s clients. He received his Bachelor of Science in Accounting from Loyola University and his Master of Taxation from DePaul University. Caleb is a Member of the American Institute of Certified Public Accountants and a Member of Illinois Society of Certified Public Accountants.[/vc_column_text][/vc_column][/vc_row]

Call Now