FMN Accounting

FMN - 2021/February, Seg 1 - A Second Round of PPP Loan and Forgiveness Requirements - Part I

The Consolidated Appropriations Act 2021, like the 2020 Act, is a collection of a large number of separate bills, contained inside a 5,593 page complete Act. Edward Zollars, partner at Thomas, Zollars & Lynch, Ltd. discusses the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, in short the Economic Aid Act, that restarted the original Paycheck Protection Program (PPP) Loan system and established a new Second Draw PPP program, the time period for the restarted PPP and debt forgiveness.

Learning Objectives:

  • Understand the IRS position for the first and second PPP loan program;
  • Identify the modifications of the original PPP loan;
  • Recognize the criteria that need to be met in order to qualify as a seasonal employer; and
  • Identify the requirements for 501(c)(6) organizations to qualify for PPP loans.

Prerequisites/Advanced Preparation:

Work experience in financial reporting or accounting, or an introductory course in accounting.

Speaker / Author:

Edward K. Zollars, CPA is in public practice in Phoenix, Arizona as a partner with the firm of Thomas & Zollars & Lynch, Ltd. He is also a discussion leader with Loscalzo Institute. He has been in practice for over twenty-five years, specializing in tax issues for closely held businesses and individuals.

Ed has been professionally involved with both tax and technology issues, combing the two disciplines in starting the first tax podcast (Ed Zollars Tax Update, produced weekly dealing with current tax issues. He has been a member of AICPA Tax Division Committees dealing with tax and technology issues, and was the Tax Section’s representative on three occasions to the AICPA’s Top Ten Technologies project. Ed is also a member of the Phoenix Tax Workshop’s Advisory Committee, and currently serves on the Tax Legislation Liaison Committee for the Arizona Society of CPAs.Ed was selected as a Life Member by the Arizona Society of CPAs in May of 2010.

Ed is a co-author of the Arizona Income Tax Guide published by the Phoenix Tax Workshop, and has written articles published in Practical Tax Strategies and the Tax Adviser. He has been a frequent contributor to a number of professional tax discussion groups, and served as systems operator on the AICPA’s Accountants Forum in the mid 1990s.

He has spoken regularly on tax and technology topics since 1996, speaking before conferences sponsored by the AICPA and a number of state society of CPAs.


Price (USD)

Standard: $69.90


Course Code : FMN1384-FM

Release Date : 02/06/2021
Expire Date : 09/14/2022
Credits :
CPE 2.00
QAS 2.00

Length : 1hr 40min
Course Level : Update
Course Type : QAS Self-Study
Passing Grade : 70%
Format Type : eLearning
Mobile Compatible
Field Of Study : Accounting

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