CPAR Accounting & Financial Reporting

CPAR - 2021/February, Seg 2 - A Second Round of PPP Loan and Forgiveness Requirements - Part II

The Economic Aid Act modifies FTE (full time equivalent) Safe Harbor 2 as it is called on the forgiveness application form, which was the only FTE safe harbor found in the CARES Act, for loans made on or after the date of enactment (December 27, 2020) of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act. Edward Zollars, CPA, partner at Thomas, Zollars & Lynch, Ltd. continues the discussion highlighting the modifications to FTE Safe Harbor 2, the gross receipts test and related calculations, how to navigate through the requirements of the second round of PPP loans, and provisions under the Interim Final Rule.

Learning Objectives:

  • Identify the FTE safe harbor criteria for borrowers and the modifications to FTE safe harbor 2;
  • Understand the purpose of the second PPP loan program and who is eligible to participate;
  • Understand how gross receipts are calculated and identify items that are excluded; and
  • Recognize the steps of the forgiveness process for both the first and second PPP loan program.


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.

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Price (USD)

Standard: $69.90

Details

Course Code : CPAR1500-FM

Release Date : 03/01/2021
Expire Date : 04/02/2022
Credits :
CPE 2.00
QAS 2.00

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


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