Contractors faced with unknown impacts of the COVID-19 pandemic received 14% of the loans in Phase One of the Paycheck Protection Program loan program. During the approval and funding process, and while contractors were exploring how to properly comply with documentation and tracking-related potential forgiveness, new guidance released on April 24 has raised serious concerns about the risks associated with accepting these loans. This session will cover Question 31, Necessity Certification, and its risks, plus best practices to document your company’s economic necessity and track the economic impact on your operations. Recently raised tax deductibility issues will also be covered.
Speakers: Mary Amato, CPA, Cohn Reznick; Jack Callahan, CPA, Cohn Reznick; Alex MacDonald, Littler Mendelson P.C.
Moderator: Mike Bellaman, ABC National
