ten Frequently asked questions: Accounting for PPP Loans and you will Forgiveness
Financial statement Bookkeeping and you will Revealing Conditions
Under the Paycheck Shelter Program (PPP), the federal government authorizes around $349 mil during the forgivable fund so you can small businesses inside COVID-19 crisis. Smaller businesses are getting finance, and many features questions on how best to account fully for the cash, expenditures, and you may forgiveness in their accounting info.
Currently, zero guidance might have been awarded in order to specifically address the financial statement bookkeeping and you can reporting standards to have a course including the PPP. There clearly was specific general pointers into the accounting criteria awarded because of the the brand new Monetary Bookkeeping Conditions Panel that is certainly put on so it condition.