Cameron L. Hess, Esq. recently spoke at two CalCPA webinars covering the PPP Program, including the Sacramento Chapter Discussion Roundtable – PPP Loan Documentation and NOL The New Regime, and subsequently before 220 members in a more in-depth coverage for PPP Loan Documentation, a CalCPA Education Foundation course.
As a highlight, Mr. Hess identified that many of the participants in the Paycheck Protection Program have missed opportunities to maximize the use of the program for certain hidden expenses that qualify as payroll. In addition, Mr. Hess has identified that he expects the SBA to selectively audit borrowers. Accordingly, in addition to documenting that 60% of expenditures (reduced from 75%) are for qualified payroll over 8 or 24 weeks, borrowers need to document that the funds were necessary to maintain the business. Because the loan cancellation is subject to audit, some borrowers may be surprised to learn that the SBA may disallow the forgiveness of debt and require repayment of part or all of the debt due to document deficiencies.
Mr. Hess has been reappointed as a planning committee member for the CalCPA Education Foundation’s 2020-year Real-Estate Mini-Conference, which precedes the Foundation’s November 2020 Tax Conference. Mr. Hess continues to Chair the CalCPA Sacramento Chapter RED Group, providing tax education on real estate for accountants in Northern California. Mr. Hess also continues to actively serve as co-Chair of the Corporate and Pass-through Entities Committee of the California Lawyer Association Tax Committee.