Accounting for PPP Loan Forgiveness

Recently the American Institute of Certified Public Accountants (AICPA) released guidance on accounting and financial reporting for the forgiveness of Paycheck Protection Program (PPP) loans acquired through the Small Business Administration (SBA) as part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).

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Paycheck Protection Flexibility Act Extends PPP Spending Deadline

The PPP forgiveness rules continue to evolve.  Wednesday night (June 3), the Senate voted unanimously to accept the legislation previously passed by the House and President Trump is expected to sign soon. The Paycheck Protection Flexibility Act  extends the deadline for small businesses to spend their PPP funds and still qualify for forgiveness.  The new legislation is designed to make it easier for borrowers to reach full, or almost full, forgiveness.   You can find the full summary here in the Journal of Accountancy.  

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Gov. Lee Announces Tennessee Business Relief Program

Good news to our small business partners across the great state of Tennessee.   Of course, we're waiting for additional details to drop so we can share those with you but The Tennessee Business Relief Fund will direct approximately $200 million in federal Coronavirus...

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The Long-Awaited PPP Loan Forgiveness Application

Over the weekend the Small Business Administration (“SBA”) released its long-awaited Paycheck Protection Program Loan  (“PPP”) Forgiveness Application which you can find here.  The Application and its instructions answer some questions borrowers have and give some...

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