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PPP Loan Forgiveness: Understanding, Applying and Planning for the Just Released Form and Instructions



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In series of instructions only a math major could love, the SBA issued the new “PPP Forgiveness” form, which involves a myriad of computations and accounting precepts destined to challenge all of us.    The “Incurred and paid” statutory guidance being the most perplexing.   Largely, because the “incurred and paid” hybrid method of accounting will be nearly impossible to implement. 

While the new SBA instructions offer pragmatic guidance not addressed by the CARES Act, the new rules involve tax and computational items that are that will pose traps for the unwary.  The FTE rehiring and reestablishing of wages by June 30, 2020 will also allow borrowers to “cure” the impact of two of the three forgiveness tests.

Update Coverage will also be given to FAQs 46 and 47 and the HEROES bill including a free 20 minute mini-webinar on FAQ 46. FAQ 46 retained the necessary rule for loans $2,000,000 and greater. You will also receive a free-Excel PPP  Spreadsheet discussed below. During this session, Bob and Marty will cover the following topics:

  • Understanding the new SBA "PPP Forgiveness" rules and instructions
  • Understanding FAQs 31, 37and 46 and how to defend the need for the loan
  • Impact of the new Rules under the cash and accrual basis of accounting including the Alternative Payroll Covered Period
  • What does “incurred and paid” mean versus “incurred or paid”
  • Forgiveness for rent, payroll and interest expense including related party rent
  • How to account for pension and profit sharing plans
  • How to determine the amount of the PPP Loan available for forgiveness
  • What are “covered expenses"?
  • Using a separate bank account to trace "covered expenses"
  • How does the "full-time equivalent" ("FTE") test work?
  • Computing the "salary reduction" test
  • Re-hiring employees to avoid the "salary reduction" test
  • Understanding the SBA's "75% payroll" test
  • Understanding the PPP aspects of the proposed HEROES bill
  • Understanding the income tax aspects of the proposed HEROES bill

This class also includes at no cost a PPP excel spreadsheet developed by Steve J, Bigge CPA, CSEP, with review and analysis from Tyler J. Schuelke CPA/PFS, MST,  Grant M. Keebler JD and Robert S. Keebler CPA/PFS, MST. Mr. Bigge has taught spreadsheet development and analysis for the AICPA at national conferences and has developed thousands of spreadsheets for his high net worth client base.  Mr. Bigge had the third best grade, in Wisconsin, on the November 2001 Uniform CPA Exam practices in the high net worth area.   He is widely regarded as a CPA’s  CPA that can get to the heart of an issue via the economics.  This spreadsheet was developed in late March and updated for current developments and updates will be available on a no-cost basis to seminar attendees.   Steve’s spreadsheet will allow you to analyze the three forgiveness tests; the FTE ratio test, the salary reduction test and the 75% payroll test and will allow you to test alternative strategies.

 



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