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Accounting for PPP, Disaster Loans—COVID-19 Relief
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thegavoice.comBusiness owners, congratulations to those of you who received Coronavirus Aid, Relief and Economic Security (CARES) Act Loans—either Paycheck Protection Program (PPP) and/or Economic Injury Disaster (EID) loans.
If you were one of the lucky businesses to receive a PPP loan, you currently have eight weeks to use the funds appropriately to meet the criteria for loan forgiveness or face repayment.
There is still PPP money available from Round 2 of congressional relief, so if you haven’t yet applied and still need the money, please do so immediately.
There is no “official” guidance issued by the American Institute of Certified Public Accountants (AICPA) to account for CARES revenue recognition for the loan forgiveness.
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