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PPP Flexibility Act Update, Loan Forgiveness Form (3508 & 3508EZ) and Other PPP Updates (Latest with SBA Guidance) 2 Credits 2 Credits

Jun 29, 2020, 03:00 PM ET

PPP Flexibility Act Update, Loan Forgiveness Form (3508 & 3508EZ) and Other PPP Updates (Latest with SBA Guidance) 2 Credits 2 Credits

  • Rating

    4.6

  • Published on

    December, 1969

  • Subject Area

    Taxes

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Live Webinar
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Jun 29, 2020, 03:00 PM ET

Learning Objectives

  • Learn the latest legislative updates relating to PPP loans
  • Learn what is in the latest Interim Final Rule from the Treasury Department
  • Learn about the Form 3508 for loan forgiveness
  • Learn how PPP loans interact with other COVID-19-related tax provisions
  • Learn about how tax deductions will work relating to expenses paid with PPP funds

Course Overview

In a rare display of bipartisanship, on June 5, 2020, President Trump signed into law the Paycheck Protection Program Flexibility Act (PPPFA) in an attempt to address many concerns expressed by the small business community around the Paycheck Protection Program (PPP) aimed at providing COVID-19 relief. What are the changes? How are they going to Impact small business and their filings,  we would be covering the details of each and every update in this classes and not just news articles but a finer understanding of the changes & relaxation brought by this bill in the area. Some of the aspects PPPFA that would be covered in  the courses would be

  • Changes in the Spending limits around payroll.
  • Extension in time period to use funds.
  • Extension on deadlines to rehire workers/staff and it's requirements.
  • Extension in repayment terms.
  • Treasury guidelines issued for SBA for loan audits.

Also in the last several weeks, the SBA issued both instructions and forgiveness regulations along with regulations addressing the PPP audit process. In this class will shall also show the attendees how to complete the form on a line-by-line basis. In a series of instructions only a math major could love, the SBA issued the new “PPP Forgiveness” form and related regulations which involves a myriad of computations and accounting precepts destined to challenge all of us. The “Incurred and paid” statutory guidance being the most perplexing. Largely, because the “incurred and paid” hybrid method of accounting will be nearly impossible to implement. 

While the new SBA instructions offer pragmatic guidance not addressed by the CARES Act, the new rules involve tax and computational items that are that will pose traps for the unwary. The FTE rehiring and reestablishing of wages by June 30, 2020, will also allow borrowers to “cure” the impact of two of the three forgiveness tests. Finally, we will address the newly issued SBA audit and appeal regulations along with the PPP provisions in Congress.

Specifically, this course will focus on:

  • How to complete the SBA forgiveness form
  • Last-minute ideas to maximize forgiveness
  • Building a file in-case of an SBA audit
  • Tricky issues, such as related party rent and contributions to profit-sharing plans
  • How to complete the new SBA forms
  • Understanding the new SBA "PPP Forgiveness" regulations and instructions
  • Impact of the new Rules under the cash and accrual basis of accounting including the Alternative Payroll Covered Period
  • What does “incurred and paid” mean versus “incurred or paid”
  • Forgiveness for rent, payroll and interest expense including related party rent
  • How to account for pension and profit-sharing plans
  • How to determine the amount of the PPP Loan available for forgiveness
  • What are “covered expenses"?
  • How does the "full-time equivalent" ("FTE") test work?
  • Computing the "salary reduction" test
  • Re-hiring employees to avoid the "salary reduction" test
  • Understanding the SBA's "75% payroll" test and the proposed 60% payroll test in the House bill
  • Understanding the PPP aspects of the proposed HEROES bill
  • Understanding the income tax aspects of the proposed HEROES bill
  • Preparing for possible changes from Congress in the bill that passed the House.
This course will cover the latest updates on Paycheck Protection Program loans, including the latest Interim Final Rules released by the Treasury Department on May 22nd relating to loan forgiveness, and as well as a review of the Form 3508 that businesses for applying for loan forgiveness. We will also discuss the latest legislation relating to PPP loans. We will discuss how PPP loans interact with other tax provisions such as the Employee Retention Credit, the tax credits under the Families First Coronavirus Response Act, and the deferral of payments on Social Security tax. We will cover various PPP scenarios, and will leave time for answering your questions. 

On Demand Credits for All Qualifications

Live Webinar Credits for All Qualifications

License details Credits Status
Taxes for Certified Public Accountants (CPA-US) 2 CPE Approved
Federal Tax Update for Enrolled Agents (EA) (Approval No. GEHNZ-U-00162-20-O) 2 CE Approved
Certified Wealth Strategist (CWS) 2 CE Eligible
Certified Fiduciary and Investment Risk Specialist (CFIRS) 2 CE Eligible
License details Credits Status
Taxes for Certified Public Accountants (CPA-US) 2 CPE Approved
Federal Tax Update for Enrolled Agents (EA) (Approval No. GEHNZ-U-00162-20-O) 2 CE Approved
Certified Wealth Strategist (CWS) 2 CE Eligible
Certified Fiduciary and Investment Risk Specialist (CFIRS) 2 CE Eligible

Additional Information

Credits

2

Course Level

Basic

Instructional Method

QAS Self Study

Group Internet Based

Pre-requisites

None

Advance Preparation

None

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About Instructor

Top Tax Speaker | Jason Dinesen

Jason Dinesen , EA

President, Dinesen Tax & Accounting, P.C.

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Jason Dinesen (LPA, EA) is an entrepreneur, tax expert, and CPE Presenter. Dinesen brings over 15 years of experience helping individuals and businesses with accounting, bookkeeping, tax preparation, and business advisory in various industries. Dinesen is a regular CPE Presenter at MYCPE ONE. He has coached more than 200k+ accounting, taxes, and HR professionals on various topics of accounting, individual taxation, corporate taxation, and professional ethics. Jason has developed a strong following within the professional community for tax-related subjects. Dinesen is known for sharp tax interpretations, and he quickly brings his analysis of the latest tax updates and IRS guidance to the professional community.

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What are the requirements to maintain compliance with live webinar courses?

To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.

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We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Reviews and Ratings

out of 5

Excellent (65%)

Very Good (29%)

Average (5%)

Poor (1%)

Terrible (1%)

CL

Carol Leasure, EA

5

Very much appreciated the timely insights and clarity on this very confusing and ever changiong topic.

KK

Kjersten Kenniston, Bookkeeper

5

I am glad I discovered your program! However, I've had a couple issues with login information - having to change my password a few times not recognizing me. And, I submitted this originally following the seminar on 9/18/20; however, it appears it didn't process as my seminar shows "pending evaluation". Though the credits are nice, I'm not in it for that. I just love to learn!

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