The latest advice on PPP loans
Play • 20 min

Accountants played a crucial role in helping millions of organizations, most of them small businesses, receive $525 billion in Paycheck Protection Program loans last year.

Now, the PPP is back and businesses will again be looking to CPAs for advice and assistance in accessing the program, which provides forgivable loans that borrowers can use for payroll and other essential expenses as the COVID-19 pandemic continues to roil the economy.

What do CPAs need to know about the new PPP? How is it different from the program that ran for five months before its loan application window closed in August? And what should accountants be doing to help businesses access the $284 billion available in the PPP’s second iteration?

Those topics and more are addressed by Erik Asgeirsson, president and CEO of the AICPA’s business subsidiary CPA.com, and Lisa Simpson, CPA, CGMA, the AICPA’s vice president–Firm Services.

What you’ll learn from this episode:

  • When lenders can start submitting PPP loan applications to the U.S. Small Business Administration.
  • Details about the new PPP second-draw loans.
  • Why many banks won’t be submitting PPP applications at the beginning of the application period.
  • What the AICPA has been doing to support the accounting profession with the PPP over the past nine months.
  • Why it is important for PPP borrowers to have two paths they can take in pursuing a second-draw PPP loan.
  • More information about the CPA Business Funding Portal (see link in resources below).
  • What CPAs can do to help businesses prepare for increased SBA scrutiny of PPP loans.
  • The importance of helping businesses know their E-Tran number from their first PPP loan.
  • Why firms will play a more important role in the second round of the PPP.
  • The importance of keeping the intent of the PPP in mind when choosing the accounting method for calculating the decline in gross receipts to determine whether a business qualifies for a second-draw loan.
  • Whether a business seeking second-draw PPP loans must spend all its first-draw PPP loan before the second-draw funds are disbursed.
  • That some banks may require PPP borrowers to file for forgiveness on their first loan before processing a second-draw application.
Growing Your Firm | Strategies for Accountants, CPA's, Bookkeepers , and Tax Professionals
Growing Your Firm | Strategies for Accountants, CPA's, Bookkeepers , and Tax Professionals
Jetpack Workflow
The Progressive Accountant’s Guide to Building Accounting Relationships
Recognized as one of the Top 50 Women in Accounting, Twyla Verhelst is known for leading the charge when it comes to advocacy, change, and community in her industry and beyond. She’s an experienced CPA and tech entrepreneur with a passion for helping others find and leverage their confidence. Twyla’s fascination with finances began when she was only nine years old, manning the cash register in her parents’ small business. After studying accounting and business management, she worked as an accountant, controller, and recruiter before moving on to co-found two successful companies: Twenty Eighty, an advisory accounting firm, and Helm, a cash flow forecasting app. She also started Empowering Tana, a non-profit benefiting girls and women with autism, and created the Video Per Day Experiment, a 30-day challenge designed to help professionals break out of their comfort zone and discover their voice. If that wasn’t enough, in her spare time she’s also an ultramarathon runner. Now Twyla is bringing her vast energy and expertise to FreshBooks, a market leader in cloud-based accounting solutions for small businesses. As leader of FreshBooks Accounting Professionals Program, she’s working to empower forward-thinking accounting pros with the tools they need to thrive, as well as helping them discover their most valuable asset — their authentic self.
36 min
CFO THOUGHT LEADER
CFO THOUGHT LEADER
Jack Sweeney Speaks to CFOs About Driving Change | Middle Market Media, LLC
677: Engaging Minds at Work | Michael Pickrum, CFO, ExecOnline
When Michael Pickrum tells us about ExecOnline, the company that he joined as CFO back in 2019, he wants us to know that the education technology firm is aligned with his goals both professionally and personally. When it comes to the professional side of things, Pickrum says, ExecOnline in certain ways is a media company. “You’re taking some IP and figuring out how to distribute and monetize it,” comments Pickrum, while boiling down the somewhat complex approach that ExecOnline uses to repackage the curricula of top business schools and universities to better serve the specific people development needs of a variety of corporate clients. Still, Pickrum’s shorthand description is intended not to spotlight the facets of ExecOnline’s business model but instead to draw our attention to its similarities with his past media industry experience—such as his 17 years with BET Networks, where he occupied the CFO office for 9 of them. As for the personal side of things, Pickrum says that he is a “big believer” when it comes to the transformative power of education. “I went to public schools growing up—I was very fortunate to go to a great university, and it changed my life,” remarks Pickrum, who adds that ExecOnline packages the academic IP not with aspiring college students in mind but with an eye toward first-time managers as well as more senior business leaders. According to Pickrum, part of the added value that ExecOnline offers corporate clients derives from providing the IP in a more relevant and efficient way. “Most of our programs are 1 week, 3 weeks, or 6ix weeks,” explains Pickrum, who says that at times the material being covered can be applied to a specific project that the managers are undertaking within their company. “It’s just a great marriage between the business school’s IP, professors, and resources, and our platform and ability to engage people where they are, which is at work.” –Jack Sweeney * Leave rating & review * Signup for our Newsletter GET MORE: Order now The CFO Yearbook, 2021 uf1Uaz9iI5wYUzzsFtwd
43 min
PwC's accounting podcast
PwC's accounting podcast
PwC
Forecast 2021: The “S” in ESG, spotlight on societal investments
In our Forecast 2021 podcast series, we’re focused on preparing you for the year ahead by offering insights to help you better understand and manage some of the opportunities and challenges that your company might face—think policy, technology, and other big picture topics. This week, we conclude our deep dive into ESG by focusing on the “S,” or social, initiatives. Heather Horn sits down with Aaron Gilcreast, PwC’s Global Valuation Leader, and Andreas Ohl, a partner in PwC’s National Office, to look at how companies are rebalancing their strategy to address societal challenges and building measurement frameworks that help prioritize and report on these societal initiatives. Topics include: * *1:05 - Overview.* We begin by highlighting a few big societal challenges—from globalization impacting supply chains to employee wellness and satisfaction—and how the companies that work to address these matters gain a competitive advantage in the marketplace. * *4:14 - Value creation vs. value destruction. *To calculate ROI on societal investments, organizations need to begin thinking about the measurement of these intangibles, which is part of a disciplined capital allocation process and robust reporting.    * *10:44 - The time is now. *The momentum behind ESG is powerful as a result of increasing interest from investors and consumers. But it’s good for the company too. We look at the brand-enhancing benefits of translating intangible attributes into quantifiable metrics.  * *20:44 - Global challenges. *We talk through some of the challenges in executing and reporting on societal initiatives faced by companies with a global footprint. * *22:59 - Key takeaways. *Companies have a role to play in proactively addressing societal issues, but they must be disciplined to build resilient assets and maximize value.  Want to learn more about ESG? Check out our C-suite summary, Making sense of ESG. Aaron Gilcreast is the PwC’s Global Valuation Leader. His professional services career in finance, M&A, and corporate strategy spans 25 years. In his concurrent role as leader of PwC's Global Valuation & Business Modeling practice, Aaron is responsible for its overall vision, strategy, and operations.  Andreas Ohl is a partner in PwC's National Office where he focuses on mergers and acquisitions under US GAAP and IFRS. Andreas is chairman of the Business Valuation Standards Board at the International Valuation Standards Council, is a member of the working group that authored the AICPA's In-Process R&D guide, and has served as a member of the FASB's Valuation Resource Group.  Heather Horn is PwC’s National Office thought leader, responsible for developing our communications strategy and conveying firm positions on accounting and financial reporting matters. She is the engaging host of PwC’s accounting and reporting weekly podcast and quarterly webcast series, as well as periodic webcasts for the power and utilities industry. With nearly 30 years of experience, Heather’s accounting and auditing expertise includes financial instruments and rate-regulated accounting.
26 min
More episodes
Search
Clear search
Close search
Google apps
Main menu