Accounting

How to Account for and Record PPP Forgiveness

By: Damien Strohmier, CPA, Senior Manager As many companies are receiving Paycheck Protection Program (PPP) debt forgiveness and loan payoffs, the question of how to record forgiveness has resurfaced. This article will revisit accounting for PPP loans as debt or...

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Guidance on PPP Loan Forgiveness

As we approach the end of 2020, many taxpayers and tax practitioners have been pondering whether or not expenses that were incurred in 2020 and paid with Payroll Protection Program (PPP) proceeds would be deductible in the current year if the PPP loan wasn’t forgiven...

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