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Entries by Mike Lee, Jessica Boicourt

Accounting Treatment for PPP Loans

Posted 3:00 PM by
The Paycheck Protection Program (PPP) authorized the Small Business Administration to guarantee loans that can be forgiven if certain conditions are satisfied. There has been plenty of uncertainty related to the intent, qualifications, and financial reporting related to PPP loans. The AICPA recently issued nonauthoritative guidance addressing how nongovernmental entities should account for PPP loans as there is no authoritative guidance for business entities related to this type of transaction in Accounting Principles Generally Accepted in the United States (GAAP):
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