At the end of December 2020, the second round of the Paycheck Protection Program (PPP) funding passed under the Economic Aid Act which provides additional relief to not-for-profit organizations. In addition to the expansion of the program to include 501(c)(6)...
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...
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...
