Now that Congress has passed a second major round of stimulus relief, what can agencies expect in terms of new second-draw PPP loans and tax treatment of first-draw PPP loans? For agencies subject to audit for first-draw PPP loans, what should they be thinking about to make sure they stay in the IRS’s good graces in 2021 and beyond?
Coming in at 5,593 pages and allocating over $900 billion dollars in new spending, the second stimulus bill is a lot to unpack. While we won’t come close to even scratching the surface of what’s in the second stimulus bill, you will walk away with a better understanding of what exactly this bill means for your agency’s treatment of current PPP loans, and what it means if your agency chooses to pursue a second PPP loan.
Come join the 4A’s along with experts from Grant Thornton to learn more about what exactly was in the second stimulus bill, and what it means for your agency. Topics covered will include:
- New Developments Around PPP Loan Forgiveness
- Second-Draw PPP Loans – Who Gets Them And How Much
- Interpretation Of Tax Treatment And Deductibility
- Accounting And Reporting Considerations
- Audit Expectations
|Scott Thompsett, Managing Director of TaxGrant Thorton|
|Dennis Morone, National Managing Partner, Grant Thorton|
|Alison Pepper, EVP – Government Relations, 4A’s|
Download 4As BAU New PPP Loans and tax implications
Download Second Draw PPP Loans -- How to Calculate Revenue Reduction and Maximum Loan Amounts (1.19.2021)