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How to Account for Paycheck Protection Program (PPP) Loan Forgiveness

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How to Account for Paycheck Protection Program (PPP) Loan Forgiveness

971 views May 25, 2020 6:39

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ChannelCPA Hall Talk

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In this presentation, I show you how to account for the Paycheck Protection Program (PPP) loan forgiveness. You might be surprised to see that you can actually follow nonprofit guidance, even though you are a for-profit business. FASB is giving you permission to follow ASC 958-605 in recognizing revenue. When you shake it all down, the accounting is simpler than you might expect.

Note - Companies can follow the guidance in international accounting standards which does allow the netting of revenues with expenses. This video, however, addresses the use of ASC 958 in U.S. generally accepted accounting principles.

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About this tutorial

CPA Hall Talk published this 6:39 video tutorial on May 25, 2020. It has been watched 971 times on YouTube.

Duration
6:39
Published
May 25, 2020
Views
971
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30

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Further reading

  • How to Account for Forgivable PPP Loan Proceeds : 2020 ... claconnect.com

    In June 2020, the AICPA issued Technical Question and Answer (TQA) 3200.18, Borrower Accounting for a Forgivable Loan Received Under the Small Business Administration Paycheck Protection Program, and in July 2020, GASB…

  • AICPA issues guidance on accounting for forgivable PPP loans ... journalofaccountancy.com

    A nongovernmental entity may account for a Paycheck Protection Program (PPP) loan as a financial liability in accordance with FASB ASC Topic 470, Debt, or under other models, if certain conditions are met, according to…

  • PPP Loan Accounting | Creating Journal Entries & PPP ... patriotsoftware.com

    Congratulations on receiving a Paycheck Protection Program forgivable loan! But if you want to receive loan forgiveness, you need to use it for eligible expenses and keep detailed records. Read on to learn about Paychec…

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