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PPP Loans & Loan Forgiveness

PPP Loans & Loan Forgiveness

1 Credit

$20

Subject Area

Taxes

Webinar Qualifies For

1 CPE credit of Taxes for all CPAs

1 CE credit of Federal Tax for Enrolled Agents ( IRS Approved : GEHNZ )

1 CE credit of Federal Tax Subjects for California Tax Professionals (CTEC Approved - 6273)

1 CE credit of Annual Filing Season program (AFSP)( IRS Approved : GEHNZ )

1 CE credit of Federal Tax for Maryland Tax Preparers

1 CE credit of Federal Tax for Oregon Tax Preparers

1 General Educational credit for Tax Professionals / Bookkeepers / Accountants

You need to register for the webinar to watch the video.

Click Here to Register

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

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

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

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