Accounting for your PPP loan

by a professional from University of Illinois at Urbana-Champaign - College of Business

4 years ago

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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professional from University of Illinois at Urbana-Champaign - College of Business

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.

4 years ago | like reply | 1 like

intermediary from Wake Forest University - Schools of Business

Thanks ^Searchfunder memberNotice###-###-#### ?

4 years ago | like reply | 0 likes

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