PPP Loans- Updates on Accounting, Tax and Forgiveness Issues

Recorded On: 02/18/2021

With the new round of second draw PPP Loans and modifications to original PPP Loans resulting from the Consolidated Appropriations Act, 2021, there are important updates to tax treatment, borrower eligibility and forgiveness matters around PPP Loans. On this NASBP Virtual Seminar presenter, Julian Xavier of CLA will touch on the following areas and what bond producers and their contractor clients should discuss and consider from a planning perspective:

• Tax treatment of PPP loan forgiveness income and related expenses
• Update on eligibility for both first and second draw PPP Loans
• Expansion of eligible expenses covered by PPP Loans
• Forgiveness application updates and latest SBA guidance on applications submitted
• Accounting and reporting for PPP Loans

Julian M. Xavier

Principal-In-Charge of CliftonLarsonAllen LLP's Walnut Creek office.

CliftonLarsonAllen LLP

Julian is the Principal-In-Charge of CliftonLarsonAllen LLP's Walnut Creek office. He is a member of the firm's Executive Leadership Team for the Construction Industry group and has over three decades of experience in accounting in the construction industry. Before joining CliftonLarsonAllen, Julian spent time as a controller with a large general contractor based out of Northern California.

Julian is a member of the AICPA, California Society of Certified Public Accountants, Construction Financial Management Association and a member of the CPA Advisory Council to the National Association of Surety Bond Producers. Julian is also a member of the AICPA's National Construction Industry Conference Planning Committee.

See your success with Old Republic Surety. Success can come from a ferocious appetite to win. Strength helps too. Choose a surety partner with the character to win. We write bid bonds, performance & payment bonds and maintenance bonds in all 50 states. Responsive, Reliable, Respected - Old Republic Surety.