PPP Loans and Forgiveness #313823
Course Details, Learning Objectives, Table of Contents
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Course publication/revision date: This course was updated on 11/10/2022
The objective of this course is to inform the reader of the accounting and financial reporting issues related to the receipt and forgiveness of loans received under the Paycheck Protection Program (PPP), including 2021 first and second-draw loans.
Topics include: Understanding the basic rules for PPP loans; a review of how PPP loans should be accounted for under GAAP; accounting for the treatment of PPP loans as debt; how to account for debt issuance costs; accounting for forgiveness of debt; presentation of eligible expenses; presentation of PPP loan transactions on the statement of cash flows; disclosures required for PPP loans; accounting for advances received under the Economic Injury Disaster Loan (EIDL); accounting for PPP loans as grants; CPA independence issues when there is involvement in PPP loan transactions; accountant and auditor reporting issues and use of an emphasis-of-matter paragraph in reports; and more.
Course, Credit, Sponsor Information
Open link (above): Course Details, Table of Contents, and Learning Objectives.
Subject Codes/Field of Study: Accounting.
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