“Knowing the accounting options to record the Paycheck Protection Program loans are crucial. This whitepaper identifies things to consider when accounting for PPP loan issuance and forgiveness.”
In response to the COVID‐19 pandemic, The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020 which included the Paycheck Protection Program (PPP) loans. In this whitepaper, the CICPAC Thought Leadership Committee provides an overview of the four options that can be used to account for the PPP Loans. The committee has also provided several examples of financial statement presentation, disclosures to be included in the financial statements, and sample wording to be included in the management representation letter. The final section of the whitepaper provides some additional things to consider when accounting for the PPP loans.
For more information, contact CICPAC’s Executive Director at firstname.lastname@example.org or at 850.723.0372.
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