Accounting for your PPP loan

professional profile

May 06, 2020

by a professional from University of Illinois at Urbana-Champaign - College of Business in 475 Half Day Rd, Lincolnshire, IL 60069, USA

It is critical to ensure the proper accounting of your PPP loan proceeds, expenses, repayment and forgiveness. Read on for a breakdown of the debits and credits to get your books in order, and to understand why forgiveness timing may be so important. https://bit.ly/2WyHfqQ

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Reply by a professional
from University of Illinois at Urbana in 475 Half Day Rd, Lincolnshire, IL 60069, USA
Our guidance in today's message is based on US GAAP. For tax purposes any covered expenses supporting forgiveness will be non-deductible (for Federal purposes; some states are not exempting the PPP forgiveness so in those situations the covered expenses would still be deductible) and become a reconciling item between book income and taxable income.
commentor profile
Reply by an intermediary
from Wake Forest University in Winston-Salem, NC, USA
Thanks ^redactedNotice###-###-#### ?
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