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Both House and Senate have passed legislation radically overhauling the scope and mechanics of PPP loan forgiveness. Many of the bullets we were sweating will fall to the ground. But, which new ones will emerge?
If you haven’t filed for PPP loan forgiveness yet, don’t. The way we play this game must be rethought from scratch. [Rethink = To reconsider or involve oneself in reconsideration, especially profoundly*.] The time for doing so is now.
Highlights
- New 24 week forgiveness period blows 8 weeks out of the water
- New employee reduction safe harbor end game / uncertainties it creates
- How Form 3508 and Instructions must change
- Strategies turned upside down on their head
- Does this bail America out, create new headaches or both?
- What about PPP forgiveness changed and what did not?
- But, wait, what if I want to keep the old macabre rules?
- How the terms of new PPP loans change – But, what about existing loans?
* Free, Merriam-Webster Dictionaries
Bradley Burnett
Bradley Burnett Tax Seminars, Ltd.
Tax Attorney, Tax Advisor, Tax Instructor
[email protected]
Bradley Burnett is a practicing Colorado attorney with 40 years of experience working specifically on tax issues. His practice specializes in tax planning and tax controversy resolution. Mr. Burnett has authored and delivered more than 3,800 presentations on U.S. tax law in the U.S. and international jurisdictions.
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