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With nearly $130 billion still available for businesses interested in relief from the Paycheck Protection Program, the Small Business Administration has extended the application deadline for new borrowers to August 8. At the same time, legislation such as the PPP Flexibility Act of 2020 has provided more details about loan forgiveness for existing borrowers.
Accountants whose business clients turn to them for guidance are in a scramble to stay up-to-date on the existing legislation. Playing catch-up following the 7/15 Tax Day deadline is a must! Join John Comunale, Vice President, and Tom Hudson, Tax Supervisor, of Councilor, Buchanan & Mitchell, for a one-hour educational presentation about the Paycheck Protection Program including what new borrowers should know before applying and what existing borrowers should consider to maximize the opportunity for full loan forgiveness.
Learning Objectives:
- Discover the implications of extending the time period covered by PPP loans from 8 to 24 weeks
- Learn what expenses are forgivable from the SBA's point of view as the loans cover essential expenses including payroll, rent, mortgage payments, utilities, and other expenses
- Learn a more in-depth understanding of the PPP loan forgiveness application
- Understand how businesses can strategize to take full advantage of the availability of these loans and maximize the chance for forgiveness
To date, small business loans totaling nearly $500 billion have been approved by the federal government. In the whirlwind of changes and updates about this federal program, CPAs and accountants will feel better equipped to work with their clients after attending this session. During this unusual time, we all need to stay prepared.
John Comunale, CPA
Councilor, Buchanan & Mitchell, P.C
Senior Vice President
[email protected]
(301) 986-0600
John is a Senior Vice President at Councilor, Buchanan & Mitchell, P.C. (CBM) and serves as chair of CBM’s Automotive Industry Committee. John has more than 25 years in public accounting serving numerous businesses in the Washington, D.C. Metropolitan Area, and Mid-Atlantic region.
John provides businesses and their owners with audit, accounting, tax and consulting services. John also has developed extensive experience in servicing a wide variety of other industries, including construction contractors, real estate developers and operators.
John has handled large and complex dealer groups providing them with consolidated financial reporting and taxation, and multi-state tax services. He has worked on dealership engagements that represent most manufacturers. John has been a lecturer and trainer on various subjects including business taxes, accounting, fraud, and operational issues.
Thomas Hudson, CPA, PFS, CVA
Councilor, Buchanan & Mitchell, P.C
Tax Supervisor
[email protected]
(301) 986-0600
Thomas Hudson is a Tax Supervisor at CBM-Councilor, Buchanan & Mitchell, P.C. with more than five years of experience in income taxes, personal finance, and public accounting. His experience is primarily composed of complicated business income tax returns and compilation and review engagements. Thomas enjoys speaking publicly on tax developments and keeping business owners and individuals informed of best practices.
Thomas began his career as an accountant with the National Security Agency. He left federal service to pursue a career in public accounting. He believes that quality relationships with his clients are most important and he takes pride in helping his clients grow. At CBM, Thomas is responsible for preparing and reviewing quality income tax returns for the firm’s valued clients. He uses his experience in tax, personal finance, and business valuation to best serve those who rely on CBM and its team of experienced professionals.
Thomas is a Certified Public Accountant in the state of Maryland. Additionally, he holds the Personal Financial Specialist (PFS) designation administered by the American Institute of CPAs (AICPA) and the Certified Valuation Analyst (CVA) designation through the National Association of Certified Valuators and Analysts (NACVA).
About Our Presenter
As Councilor, Buchanan & Mitchell P.C. celebrates its 100th anniversary this year, the professionals at our accounting, tax and advisory firm have a lot of success to look back on. Founded in 1921 and with offices in Bethesda, MD and Washington, DC to serve clients throughout the Washington, Baltimore and Mid-Atlantic regions, CBM serves not-for-profit organizations, auto dealerships, professional service firms, construction and real estate groups, other privately-held businesses and individuals. We also offer in-depth expertise in financial planning and investment advisory expertise and specialize in delivering financial services to individuals going through the dissolution of a marriage.
Now in our fifth generation of leadership, we pride ourselves on our technical savvy, our experience with closely held businesses, and our specialized industry expertise. Choosing a CPA and business advisory firm is an important decision. After all, your success — and your legacy — depends on it.
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