Product Description

Pursuant to Division A, Title I of the Coronavirus Aid, Relief, and Economic Stability ("CARES") Act, as amended, Congress, among other things, established a framework for the Paycheck Protection Program (the "PPP").  In the weeks and months following the signing of the CARES Act by President Trump, the Small Business Administration (the "SBA") and the U.S. Treasury issued guidance including Frequently Asked Questions ("FAQ") and interim rules relating to the terms of the PPP, including, but not limited to, permitted expenditures for loan proceeds and loan forgiveness.

On May 15, 2020, the SBA released the Paycheck Protection Program Loan Forgiveness Application, together with instructions providing borrowers with much needed guidance on how to calculate loan forgiveness (the "Application").

On May 22, 2020, the SBA released the Interim Final Rule on Loan Forgiveness which, in part, provided further detail and explanation of certain new rules introduced in the Application.

This new program provides practitioners with an overview of the Paycheck Protection Program Loan Forgiveness process and an outline on how to assist clients applying for loan forgiveness.

Agenda & Materials

• 12:00 - 12:05 pm

  Paycheck Protection Program Flexibility Act

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  • A Brief description of the new act and the expected impact on the Loan Forgiveness Application

  Michael J. Barone, Jr., Esq., Ruberto, Israel & Weiner, PC , Boston
  
• 12:05 - 12:15 pm

  Understanding the Application—a Breakdown of the Application's Four Components

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  • PPP Loan Forgiveness Calculation Form
  • PPP Schedule A
  • PPP Schedule A Worksheet
  • PPP Borrower Demographic Information Sheet

  Michael J. Barone, Jr., Esq., Ruberto, Israel & Weiner, PC , Boston
  
• 12:15 - 12:35 PM

  Calculating Loan Forgiveness

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  • Covered Period v. Alternative Covered Period
  • Qualifying Payroll and Non-Payroll Expenses
  • Adjustments for Full-Time Equivalency Reductions
  • Adjustments for Salary/Wage Reductions

  Gregory Famiglietti, MSA, The MFA Companies , Tewksbury
  
• 12:35 - 12:45 pm

  Documentation Requirements

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  Anna Bautista, Small Business Lending Officer, Boston Private , Boston
  
• 12:55 - 1:00 pm

  "Ask the Experts" Q&A Session

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  Panel
  

Faculty