PPP Loans & Loan Forgiveness

  • Accountant
  • AFSP
  • CRTP
  • CPA (US)
  • EA
  • ORTP
  • MRTP
  • CFIRS
  • CWS

Published: June, 2021

Before starting this self study program, please go through the instructional document.

  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • PPP Loans - Background
    3 mins
  • PPP Loans - Eligibility
    9 mins
  • When do I need to apply for forgiveness?
    20 mins
  • Key things to Keep in Mind...
    30 mins
  • Gain Contigency
    40 mins

Course Description

When COVID-19 struck the United States, Congress Acted quickly to support small businesses by creating the Paycheck Protection Program (PPP).

The $349 billion Paycheck Protection Program (the “PPP”) is one of the largest provisions of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”, or the “Act”) enacted on March 27, 2020. The PPP provides funding to small businesses through federally guaranteed loans administered through Section 7(a) of the Small Business Act. On April 3, 2020, banks began accepting applications for PPP funding and by April 16, 2020 the $349 billion was depleted. On April 24, 2020, Congress enacted the Program and Health Care Enhancement Act which gave way to a second wave of funds totaling $321 billion for small business and certain non-profits under the PPP program as well as additional appropriations for CARES Act provisions related to healthcare providers. As expected, small businesses rushed to apply for PPP loans before the funds were exhausted. The program ended on August 8, 2020.

While the support was provided quickly the guidance to properly account for the funds was slow to come and the tax implications continued to be a moving target. This online CPE/CE course will cover the best practices in accounting for these funds as well as the tax implications.

To ensure your PPP loan is forgiven, you must keep your accounting records up-to-date.

Accounting for a PPP loan can be an overwhelming process. You may be asking yourself a number of questions, such as:

How do I record the PPP loan in my books?

How do I record certain PPP expenses?

If you’re curious about these PPP accounting questions and more, you’ve come to the right place.

Key topics covered in this online CPE/CE webinar:

  • Background of PPP Loans.
  • Eligibility for PPP Loans.
  • Alternative size standard for PPP Loans.
  • Documentation for PPP Loans.
  • PPP Loans- Forgiveness.
  • AICPA Loan Forgiveness Tool.
  • Accounting for PPP Loans.
  • ASU 2018-08

 

Click for more webinars on | Accounting & Auditing |Tax Updates |

Learning Objectives

  • To describe the basic qualifications for a PPP loan
  • To identify which expenses are eligible for loan forgiveness under the PPP program
  • To recognize options for accounting for PPP loans

Recommended For

This online IRS approved CE course is recommended for CPA, EA, AFSP, and Other Tax professionals engaged in advising their clients about PPP loan and its forgiveness

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Bookkeepers & Accountants & Tax Preparers
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Entrepreneurial CPA
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Senior Accountant
  • Staff of Accounting Firm
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Professionals
  • Tax Pros
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 1 CE Credit of Taxes for Enrolled Agents (EA)
  • 1 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 1 CE Credit of Federal Tax Related Matters for California Registered Tax Preparers (CRTP)
  • 1 CE Credit of Taxes for Annual Filing Season Program (AFSP)
  • 1 CE Credit of Federal Tax Related Matters for Oregon Registered Tax Preparers (ORTP) (Approval No. 00521-21)
  • 1 CE Credit of Federal Tax Related Matters for Maryland Tax Preparer (MRTP) (Approval No. 00521-21)
  • 1 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 1 CE Credit for Certified Wealth Strategist (CWS)
  • 1 General Credit for Accountant/Bookeeper

Additional details

  • Course Level :
    Basic
  • Credits :
    1
  • Instructional Method :
    QAS Self Study
  • Pre-requisites :
    None
  • Advance Preparation :
    None

IRS APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

CTEC APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor ID# : 6273) has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.

Presenter

About Presenter

Melisa Galasso, CPA (US)

Owner, Galasso Learning Solutions

Melisa Galasso, CPA, is the founder of Galasso Learning Solutions LLC. With over 15 years of experience in the accounting profession, Melisa designs and facilitates courses in advanced technical accounting and auditing topics, including not for profit and governmental accounting. She also supports essential professional development, public speaking, and business skills. Melisa closely monitors regulatory bodies for changes in auditing and accounting guidance and serves as a subject matter expert in implementing the updated guidance.

Melisa earned the Association for Talent Development (ATD) Master Trainer™ designation. She is a member of and frequent instructor for the American Institute of Certified Public Accountants (AICPA), the North Carolina Association of Certified Public Accountants (NCACPA), and the Virginia Society of Certified Public Accountants (VSCPA).

Melisa was appointed in 2016 to the AICPA’s Technical Issues Committee (TIC), which is responsible for monitoring the activities of the various accounting and attestation standard-setting boards and submitting comments and recommendations during the due process phase. Melisa is also currently serving on the Board of Directors for the VSCPA. Previously, she served as President of the Board of NCACPA’s Charlotte Chapter, Chair of the A&A Committee for the NCACPA, and held several leadership positions with the VSCPA.

Melisa received the 2013 Women to Watch – Emerging Leader Award from the NCACPA and AICPA. She is a graduate of the 2014 class of the AICPA’s Leadership Academy. In 2016, Melisa was honored as one of the 50 Most Influential Women by the Mecklenburg Times and received the Top 5 Under 35 Award from the VSCPA. She received a 5.0 Speaker award from the NCACPA in 2015, 2016 and 2017. In 2016, Melisa received the Don Farmer Award from the NCACPA for the highest combined average scores on knowledge, skills, and materials from participant evaluations for all courses taught in a technical area. Melisa is a 2017 and 2018 recipient of the AICPA’s Outstanding Discussion Leader award which is given to the top 10% of all AICPA facilitators around the country.

Prior to establishing Galasso Learning Solutions, Melisa worked in public accounting, industry, internal audit, and academia. She received a Bachelor of Science in Business Administration with a concentration in Accounting and International Business from Georgetown University.

About Company

Galasso Learning Solutions

galassolearningsolutions.com/

Continuing education for CPAs should be impactful, relevant, and engaging, so using our proven Galasso Learning Solutions (GLS) process, I am committed to providing Continuing Professional Education (CPE) to firms and entities that fulfill real educational requirements for growth and excellence — not just for the sake of compliance.

As Founder and CEO of GLS, I design and facilitate courses in advanced technical accounting and auditing topics. Since GLS values a commitment to excellence in CPE, I closely monitor regulatory bodies for changes in auditing and accounting guidance and serve as a subject matter expert in implementing the updated guidance.

I’m driven by clients who are motivated to invest in high-quality custom training for their members. As my training practice continues to grow through in-person instruction, live webinars, and on-demand replays, so grows my commitment to the core values that set apart GLS in the first place.

GLS has set out to be a positive force in the accounting profession by empowering other CPAs with quality continuing education and through servant leadership in support of an ever-changing profession.

"Melisa is one of the most knowledgeable trainers we have ever brought in to our firm to present. Her technical knowledge is obvious and her being plugged in to FASB, GASB, AICPA and all the pertinent organizations that affect our profession make her stand above the rest. We very much look forward to her next visit.” - Annie M. Yoder, CPA/CFF, CFE | Principal | Rea & Associates, Inc.

HIGHLIGHTS: Association for Talent Development (ATD) Master Trainer™| Certified Professional in Learning & Performance (CPLP) | AICPA Technical Issues Committee member | VSCPA Board Member | CPA Practice Advisor “40 under 40” 2017, 2018 & 2019 | Charlotte NAWBO 2019 Rising Star

Faq

FAQs content

  • To receive Continuing Education credit for the event, you must register for the webcast prior to the start of each program.
  • Continuing Education Credit Certificate is available to all eligible participants within 24 hours of each webinar.
  • You must attend complete live webinar and respond to all polling questions asked during the webinar. Credits would be issued on 50 minute credit hour basis.
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  • This event may be a recorded rebroadcast of a live event done in past and the instructor will be available to answer your questions during/after the webinar.
  • If you still face the polling problem please don’t panic and provide your response in the chat and we shall consider the same for processing for credits. You can download Zoom by clicking on the mentioned link : https://zoom.us/download
  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • You can manage your continuing education certificates and credits through your certificate dashboard which is available when you are logged in to your account (LOGIN)
  • As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable continuing education requirement as CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • myCPE Courses are taken by : CPA | CMA | CFE | CIA | CPA(Yellow Book)| CFP | CFA | CPA (Govt.) | EA | CRTP | MRTP | ORTP | ABV | CITP | CVA | PFS | CFF and others.

Ratings and Review

4.2

9 Ratings

Excellent

3

Very Good

5

Average

1

Poor

0

Terrible

0

MR

Michael Ricozzi, CPA (US)

Mar 7th, 2022

great job

RUT

Ross Uehara Tilton, CPA (US)

Dec 20th, 2021

I was a little concerned that the information in this presentation related to PPP Loan Forgiveness might be outdated based on recent changes to the program.

WT

Wayne Tront, EA

Dec 16th, 2021

good topic

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