9052020 1.00

Author: Greg White

CPE Credit:  1 hour for CPAs
1 hour Federal Tax Law Updates for EAs and OTRPs
1 hour Federal Tax Updates for CTEC

CARES 2 was signed into law on April 24. It authorizes an additional $310 billion of PPP loans. We’ll cover issues including:
• How does a partnership compute the loan amount?
• How does an individual compute the PPP loan amount?
• Should clients use a separate bank account for the funds?
• Under what circumstances could clients become personally liable for repayment of the loans?

Publication Date: May 2020

Designed For
Any tax practitioner advising individual and business clients.

Topics Covered

  • Computing the maximum loan amount for partnerships and sole proprietors
  • Keeping your clients out of trouble: How to avoid personal liability for PPP loan repayments
  • Getting a game plan in place for the use of the funds once received.


Learning Objectives

  • Recognize how to compute the maximum loan amount for partnerships and sole proprietors
  • Identify a game plan for clients once the funds are received
  • Describe what what percent of the PPP loan proceeds are required to be used for payroll
  • Identify what is not a component of covered overhead
  • identifies the loan forgiveness percent for nonpayroll costs



Instructional Method

NASBA Field of Study
Taxes (1 hour)

Program Prerequisites
Basic understanding of tax preparations for individual and business clients.

Advance Preparation

Additional Course Details

  • Publisher: Wolters Kluwer
  • Pre-Requisites: None
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