Financial Statement and Tax Impact of PPP Loans: What the Contractor Needs to Know

Description

PPP Loans and Forgiveness may impact your 2020 fiscal and calendar year-end financial statements. Whether reporting your PPP Loan as a Government Grant or as Debt, there will be presentation and disclosure issues to evaluate and understand. And, unless Congress acts, there will also be a tax liability to the Borrower. Moreover, for those contractors doing business as a C-Corporation there may be an impact to the Tax Provision reported in your financial statements. Join us for CFMA’s sixth PPP webinar to stay on top of these and other issues.

Learning Objectives:

• Financial Statement presentation and disclosures
• Audit considerations
• Deductibility of Borrower's costs funded by forgiven PPP Loan proceeds

Level and Prerequistites:

This is a group-live program at the Basic Level. No prerequisites or advanced preparation required.

CPE Credits:
This program provides 1.5 CPE credits in the field of Management Services.

Who Should Attend?
CFOs, Controllers, Risk Managers, Business Owners, CPAs and Professional Advisors

Speaker(s):

• James E. Hazel Jr., CPA, CCIFP, Shareholder, Elliott Davis
• Rich Shavell, CPA, CVA, CCIFP, Shavell & Company, P.A., CPAs and Consultants

Moderator(s):

• Steve Campana, CPA, ABV, CFF®, Partner, Honkamp Krueger & Co., P.C.