COVID Response and Relief Act 2020

General Description:

This course will outline the tax provisions of the COVID Response and Relief Act of 2020 (CRRA), signed into law on December 27, 2020. The CRRA provides pandemic relief funding for individuals and small businesses as well as extending many expiring tax provisions. Updated with January 8 guidance from the SBA.

Learning Objective:

After completing this course the participant will be able to:

• Explain changes to Paycheck Protection Program loan forgiveness, including the deductibility of expenses paid from a loan that is forgiven, simplified forgiveness requirements for PPP loans of $150,000 or less, and additional expenses that qualify as payroll and nonpayroll costs.
• Discuss the taxability of EIDL Advances and the deductibility of expenses paid from EIDL Advances, and taxability of subsidy payments made by the SBA on certain SBA loans and grants made to a Shuttered Venue operator.
• Describe the requirements to apply for a PPP Second Draw Loan.
• Explain the eligibility rules for the second round of recovery rebates for individuals (Economic Impact Payment, EIP), when the second round of EIP will be made, and the changes made to the first round of EIP.
• Discuss the tax provisions that were extended either permanently, until 2025, or through 2021 or 2022.

Instructors:

Mark A. Vogel is a retired professor and director of the University of Denver Graduate Tax Program, where for 38 years he taught courses in individual, fiduciary, tax accounting, partnership, and corporate taxation. He is the author of Divorce Taxation Guide (John Wiley & Sons) and Individual Taxation (Shepards/McGraw-Hill). He received a J.D. and LL.M. in Taxation from the University of Denver College of Law and an undergraduate accounting degree from the University of Notre Dame. He is also a CPA licensed in Illinois.

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