LA Loan Guaranty Webinar; SBA Self Employed, PPP & CARES Act Update; PEEC statement, PPP & more
Wednesday, April 15, 2020
Posted by: Ann Lupo
Free Business Webinar: Louisiana’s Loan Portfolio Guaranty Program
Louisiana Economic Development Secretary Don Pierson will explain Louisiana’s Loan Portfolio Guaranty Program on a free webinar. Secretary Pierson will detail the new program and answer questions on how the funding may be used to support business operations. This will be an informative session for small business owners in particular. Registration is limited to 500 — register early to secure your spot. No CPE credit is offered for this program.
SBA Interim Final Rule for Self Employed
The Small Business Administration issued an Interim Final Rule which supplements the First PPP Interim Final Rule with guidance for individuals with self-employment income who file a Form 1040, Schedule C. This rule also addresses eligibility issues for certain business concerns and requirements for certain pledges of PPP loans. This interim final rule supplements SBA’s implementation of sections 1102 and 1106 of the Act and requests public comment.
NEW – Professional Ethics Executive Committee (PEEC) Update: Impact of Accepting PPP Agent Fees on Independence
AICPA shared this updated document (as of April 13, 2020): Update: Impact of accepting PPP agent fees on independence.
PEEC has determined that “...members may advise and assist their attest clients in understanding the information required to be submitted and in the determination of amounts to be included on the application, provided the member does not prepare or sign the application form itself or perform other management responsibilities on behalf of the applicant.”
UPDATED – AICPA Recommendations for PPP Lender Documents
AICPA shared this updated document (as of April 10, 2020): AICPA Recommendations – PPP Application Documents for Lenders.
This two-page document covers four (4) documentation areas for employer applicants (Federal payroll tax reports; compensation; group health care benefits and retirement plan benefits) as well as directions for Average Monthly Payroll cost calculations.
UPDATED – AICPA Members Can Call/Chat With COVID-19 Questions
Questions about the content of this Alert should be directed to LCPA State Government Relations Director Linda Babin.