The new $900B stimulus package signed into law on December 27, 2020, extends the Paycheck Protection Program (PPP) that was created to assist small businesses impacted by COVID-19. This comprehensive self-study webinar will cover everything you need to know about the revised program, including how it affects current and future loans, and how the loan is calculated and forgiven. You will:
- Gain an in-depth understanding of the loan process
- Explore provisions of how a loan is forgiven
- Identify what has changed
- Learn how to properly calculate the amount of PPP loan principal that may be forgiven
To provide CPAs and other financial professionals with an understanding of the revised and extended Paycheck Protection Program signed into law on December 27, 2020. Learn who qualifies, what is covered, and which previous recipients are entitled to a “second draw” loan.
-
The Loan Process
– Eligible loan calculation
– Certifications
– Covered period/alternative
payroll covered period -
Loan Forgiveness
– Forgiveness overview
– Maximum amount forgivable
– Forgiveness tests
– Percentage use of payroll
– Salary reduction
– Headcount Comparison
– Safe-harbor rules and
calculation—FTE
(Full-time Equivalent)
– Forgiveness application
– Forms 3508EZ, 3508S, 3509
and 3510
– Documentation -
Paycheck Protection—Recent Changes
– Under the Act
– Tax Treatment
– Second draw (PPP2)
– Eligibility
– Loan amount
– Certifications
– Additional eligible expenses
– Request increase in loan
– Other changes
– Proposals on the table/
clarifications
• Identify the allowable use of funds received through the Program
• Identify the employee threshold cutoff for participation in the program
• Recognize the way the available loan amounts under the Program are determined
• Recognize the necessary borrower certifications under the Program
• Identify the maximum amounts forgivable under the Program
• Recognize the thresholds for wage reduction and use of loan proceeds on payroll that will cause a reduction in the loan forgiveness amount
• Identify the Program’s loan maturity date after expansion under the Paycheck Protection Program Flexibility Act
• Recognize the specified eligibility requirements under the second round of PPP funding authorized by Congress in late December 2020
• Recognize the loan threshold qualifying for streamlined (one page application) forgiveness
