In a recent announcement, the Internal Revenue Service (IRS) notified Paycheck Protection Program Loan (PPP Loan) lenders that they should not file cancellation of debt (Form 1099-C) to borrowers for forgiveness of debt related to the Paycheck Protection Program. Furnishing such forms would cause confusion and may result in borrowers receiving underreporter notices.
If you have questions about this announcement, Kimberley Train, CPA, ABV, a Partner in DGC’s Business Advisory Practice, will present a PPP Loan forgiveness breakout session “Maximize Your PPP Loan Forgiveness & Clarify the Complexities” at The Associated Industries of Massachusetts (AIM) Annual Meeting on October 2nd at 11:00am.
Attendees will learn how to navigate the complexities of PPP Loan forgiveness and develop strategies to ensure they maximize their loan forgiveness. Kim will clarify the SBA’s guidance, answer audience questions, and discuss key topics including CARES Act language and provisions, considerations and cautions before you request forgiveness, treatment of owners and forgiveness of non-payroll costs including rent payments to a related party, and more. Learn how you can proactively apply this to your situation, and lead to increased loan forgiveness.
For more information about AIM’s Annual Meeting and to register, click here.
DGC has a proven process that utilizes our sophisticated model and incorporates our data analytics experience and accounting expertise to maximize PPP Loan forgiveness. If you have questions, please contact a member of your DGC client service team or Kimberley Train, CPA, ABV at 781-937-5112 / email@example.com. You can also visit DGC's coronavirus web page at dgccpa.com/coronavirus which is frequently updated with new resources to help you deal with the financial impact of the coronavirus on you and your business.