Don't let tax be the only deciding factor in your relocation. You can choose which accounting rule to apply with respect to the PPP loan. 4 Options to Account for Your Companys PPP Loan. However, if borrower uses the proceeds for qualifying expenses which are not deductible in 2020 and receive forgiveness which are excludable from income in 2021, then unfavorable tax treatment willhave occurred in 2020. The PPP loan also should be included in the organizations debt maturity disclosure (see ASC 470-10-50-1). To assert the necessity of a PPP loan, as noted in Questions 31 and 37 of the SBAs PPP FAQs, an entity must take into account its ability to access other sources of liquidity sufficient to support its ongoing operations in a manner that is not significantly detrimental to its business. 3. Prepare documentation to support the forgiveness application and loan eligibility. (28). In this case, Company X can elect to treat the PPP loan as grant, recognizing the gain on the income statement. On December 27, 2020, the Consolidated Appropriations Act (CAA) was signed into law, which reverses existing IRS guidance provided in Notice 2020-32 by allowing taxpayers to fully deduct any business expenses, regardless of whether the expense was paid for using forgiven PPP loan proceeds. This would likely not be until (5) Sbi Business Loan Top 3 List Disclosures should include issue date, face(3), WA has an Awesome Residual Income Affiliate Program! Alternative Accounting Treatment for PPP Loan Proceeds. Under the Financial Accounting Standards Board, Accounting Standards Codification (ASC) 470, Debt, a PPP loan is considered debt, regardless of whether the borrower expects the loan to be forgiven. FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31 , 2020, AND 201 9 . Determine the optimal covered period for the loan. This raises questions about how to present PPP loans in year-end financial statements and how to treat a loan that was forgiven. A nongovernmental entity may account for a Paycheck Protection Program (PPP) loan as a financial liability in accordance with FASB ASC Topic 470, Debt, or under other models, if certain conditions are met, according to new guidance for borrowers issued Wednesday by the AICPA. Global supply chain issues, an unusual holiday season, rising freight costs and intensifying ESG expectations complicate the retail industry outlook. Technology companies spend every day in the bullseye of cyberattacks. Sample Notes to Financial Statements Boy Scouts of America For ITB financial statements, you would still include those nondeductible expenses. The Coronavirus Aid, Relief, and Economic Security (CARES) Act provided an estimated $2.2 trillion to fight the COVID-19 pandemic and stimulate the US economy, including $349 billion that was earmarked for the Paycheck Protection Program (PPP) to be administered by the U.S. Small Business Administration (SBA). Your email address will not be published. If borrower have nontaxable forgiveness loan amount and nondeductible expenses in the same period for tax purposes, there is no impact on the tax provision. In the absence of more formal guidance from regulators, the various components of PPP lending should be reviewed based on our current interpretation of U.S. GAAP as described below and the AICPA`s AQT guidelines. St. Louis, MO 63101-2501. Once they are realized or realizable, the earnings impact is recorded. A portion of the borrowers PPP loan (and related interest) will be forgiven, equal to eligible expenses, including payroll costs, interest payments on mortgages, and rent and utility payments, made during the loans qualifying period, provided that the borrower meets all of the loans employee-retention criteria. (23). We offer statutory insurance accounting, insurance regulatory compliance to insurance companies in the Western Region including California and Texas. Debt Model (FASB ASC 470) In this model, a PPP loan is accounted for like any other liability (including interest accrual) until the forgiveness process is(16), What Disclosure Should Be Included in the Financial Statements for Loan Forgiveness? Since our entity has not received forgiveness of the PPP loan prior to(23), Disclosure. In which case, the insurer should disclose the amount of debt forgiven. An entity could follow this treatment for PPP loans when there is more than remote likelihood that the loan proceeds will not be forgiven. However, a borrower that does not account for its PPP loan as debt (for instance, if the borrower applies IAS 20 by analogy) is likely to recognize additional deferred taxes in accordance with ASC 740. 2. The PPP which established a fund for Small Business Administration loans that could be forgiven if certain conditions geared toward employee retention are met. The SBA then has 90 days to review the request for payment from the creditor. PPP borrowers are in various stages of reporting on PPP loans and applying for loan forgiveness. There is essentially no guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) that exactly fits the terms and conditions of the PPP loans. We anticipate that disclosure of PPP credit review risks in documents filed with the SEC by public companies will continue for the foreseeable future, and certainly at least until the review process, timing, and scope of the SBA becomes clearer. Roadmap to Paycheck Protection Program Loan Forgiveness To record interest forgiveness on your financial statements, you will need to make two entries. COMMITTEE The debtor is legally released from being the primary obligor, either judicially or by the creditor. Note 16 Subsequent Events In other words, an entity that has submitted or plans to submit a request for forgiveness to the SBA should determine the appropriate classification of the PPP loan without considering the amounts that it anticipates will be forgiven. These 10 reminders can help borrowers move(1), Whether an entity expects to repay the PPP loan or believes it represents, in substance, a grant that is expected to be forgiven, it should(2), 15. Costs are defined below: Payroll Costs This is a key term for PPP loans and includes virtually all compensation paid to employees, as salaries, commissions, or similar compensation, including tips, vacation pay, family/parental leave and sick leave. PPP Loans and Financial Statements: What You Need to Know In addition, all entities should consider whether conclusions regarding their ability to remain a going concern are premised upon receiving debt forgiveness for the PPP loan. Therefore, timing difference of tax effect occurs. Financial Statement Disclosure for Ppp Loan, LETM Examples of PPP loan disclosures Regulatory Compliance The loan can be repaid at any time without prepayment penalty. U.S. GAAP Accounting and Reporting Considerations for PPP Learn how we can help you. Under the PPP, eligible businesses can apply to an SBA-approved lender for a loan that does not require collateral or personal guarantees. Example 1: 100% Certain about Full Forgiveness of PPP Loan Assume that Company X received PPP loan $700,000 on June 1, 2020. Let's get started. Under the guidance in ASC 835, Interest, a borrower accrues interest over the term of the loan at the effective interest rate. Now, your competitors are following an automation roadmap to save work and weather economic turbulence. 2021-10, Government Assistance (Topic 832): Government Assistance.Some examples of government assistance that companies have received are Paycheck . Accounting for PPP loans: Is it a loan or a grant? As an example, an entity that is reporting under the income tax basis (ITB) of accounting could not use the government grant accounting model noted above. Assume a calendar year-end, accrual-basis taxpayer receives PPP funds of $500,000 on April 21, 2020 and has a 24-week covered period ending on October 5, 2020. WA has an Awesome Residual Income Affiliate Program! Because even if from an accounting point of view the remittance of your PPP loan eliminates the liabilities, from a legal point of view, the remittance is not necessarily the end of the process. Some of the most common mistakes observed by organizations in preparing their loan forgiveness application are: However, even borrowers of publicly traded PPPs who have been fortunate enough to grant their loans have yet to decide how to revise their disclosures to address the ongoing conditional legal liability. This would likely not be until the date the Small Business Association (SBA) formally approves forgiveness. For entities that account for PPP loans as loans under ASC 470, interest is accrued on the loan for financial statement purposes. (3). Information contained in this post is considered accurate as of the date of publishing. The final section of the whitepaper provides some additional things to consider when accounting for the PPP loans. The income statement impact of any loan forgiveness under IAS 20 may either be presented separately or be offset against the related expenses. Experience-based insights, approaches and solutions to help navigate todays complex landscape. The amount of loan forgiveness received can thenbe recorded as gain on extinguishment of debt. (10), and through the date these consolidated financial statements were included in this PPP Loan proceeds are available to be used to pay for payroll costs,(11), Disclosures under the conditional contribution model are more straightforward. Under ASC 470, a business entity would record the full amount of the PPP loan as a liability and accrue interest over the term of the loan until the loan is forgiven. How to Report PPP Loans on Financial Statements Anders Please consult with your service provider. To support an expanded approach to cybersecurity risks, technology companies need a strategy with three critical legs. Receive insights from our specialists in a variety of areas and timely information on upcoming events directly to your inbox as they go live in our online Knowledge Center. PPP Guidance to Consider for 2020 Financial Reporting 2300 Contra Costa Blvd., Suite 425 Pleasant Hill, CA 94523. Disclosures should include issue date, face amount, carrying amount, description of borrowing, interest rate, interest paid, and maturities. Accordingly, as noted in AICPA TQA 3200.18 and based on discussions with the SEC Office of the Chief Accountant, a borrower may elect to account for a PPP loan as a government grant in substance by applying the guidance in IAS 20 by analogy if it is probable that it will meet both (a) the eligibility criteria for a PPP loan, and (b) the loan forgiveness criteria for all or substantially all of the PPP loan. If you determine that the PPP loan is more like a grant, your business can refer to the rules in International Accounting Standards for accounting for government grants or the revenue recognition rules for nonprofit organizations in U.S. GAAP. However, the SBA retains the right to review the eligibility of any borrower, regardless of the size of the loan. The loan bears interest at a rate of 1% and is payable in monthly installments of principal and interest over 24 months beginning 6 months from the date of the note. Our NFT Playbook is a roadmap to addressing IP rights, business infrastructure and risk for media & entertainment companies and others. Subscribe to PICPA's personalized (17). 2023 Grant Thornton LLP - Grant Thornton refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Drivers, key risks and opportunities from our leaders and Nareits senior v.p. Under the Paycheck Protection Program (PPP), the federal government authorizes up to $349 billion in forgivable loans to small businesses during the COVID-19 crisis. Those generally include gross pay, wages, bonuses, etc. The potential is great what to know before taking action. For loans (or parts of loans) that are forgiven, the lender will collect the forgiven amount from the U.S. government. Which guidance to follow on presentation of the loan is ultimately up to management of the company. 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PPP loans are administered by the Small Business Administration (SBA) and are disbursed by banks, for potentially forgivable loans to support eligible small business impacted by COVID-19. The company had sufficient payroll costs to submit a loan forgiveness application to its lender prior to the end of the 24-week period and did so on August 10, 2020. When spending money to attract customers, business leaders must first prioritize who they are targeting new customers or familiar faces. Organizations should better understand what, if any benefit, such credits might provide to an entitys cash flow situation. This publication has been modified in part to reflect certain provisions of the Consolidated Appropriations Act, 2021. statements have been prepared in accordance with the requirements of Form 10-Q and consequently do not include disclosures normally made in an Annual Report on Form 10-K . The Stout team then uses its independent analysis of these more than 60 factors to identify potential problems or red flags and/or create a comprehensive independent report that analyzes your economic needs for the loan at the time of application and can be made available to the SBA or other government agency if the need for credit is questioned. Thanks to recent regulatory changes, PPP loans now have more flexible coverage periods organizations can choose a period between eight and 24 weeks. For more guidance on the recognition of loan proceeds under the Payroll Protection Program (PPP), including atable with a tabular view of three key aspects of accounting for the loan program by Statutory, GAAP and non-profit reporting, see our post by clicking here. Download our 2021 financial reporting playbook for more accounting guidance and strategies for successful reporting on government assistance programs. Nonprofit Accounting having PPP and you will EIDL Finance enero 17, 2023. Attend one, a few or all of the sessions. A portion of the borrower's PPP loan (and related interest) will be forgiven, equal to eligible expenses, including payroll costs, interest payments on mortgages, and rent and utility payments, made during the loan's qualifying period, provided that the borrower meets all of the loan's employee-retention criteria. Many PPP borrowers are in different stageswith their loans. 2020 Grant Thornton LLP, U.S. member firm of Grant Thornton International Ltd. All rights reserved. That question is dependent on how the loans themselves are being accounted for. According to the SBAs rule regarding lender and SBA responsibilities, a borrower, in order to receive forgiveness on a PPP loan, must submit an application for forgiveness to the creditor. Under this model, forgiveness income can be recognized if conditions of meeting forgiveness criteria have been substantially met. Mail: merhaba@kehfsapanca.com | Despite widespread awareness of the program, questions remain. History of the Paycheck Protection Program. A. Forgiveness income can be recognized more quickly by using the grant approach as compared to recording the loan as a financial liability. For example, under current regulations, an organization that acquires another organization that has received PPP funds might need approval from the SBA prior to consummation of the acquisition or repay the PPP funds. She can be reached at ncradic@troutcpa.com. For either accounting treatment, the business should disclose the nature of the PPP, including the funds received, the amount deferred, the recognition of deferred amounts, and the requirements to recognize the deferred amounts as income. The amount received from the SBA(29), The significant terms of PPP loans (PPPLs) are as follows:2 The lender must make a decision about the loan forgiveness within 60 days.(30). For example, if you elect to account for the PPP loan under the debt model, that model appears to be the easiest way to account for the loan, as you would not recognize income until legal release is received by the bank and SBA. 3. For cash flow statement purposes, PPP loan proceeds would be considered a financing cash inflow; repayments would be considered a financing cash outflows; and forgiven amounts would be a noncash financing activity. I shared your inquiry with one of our members and he suggested that you consult page 2 of this document from the AICPA. Executives are advised to pay special attention to emerging trends that will shape how boards and investors talk about ESG in 2021. (27), Acceptable Accounting Policies for PPP Loan Proceeds For financial statements prepared under generally accepted accounting principles (GAAP)(28), When you treat your PPP loan as debt, its recognized as a financial liability (with interest accrued) on your balance sheet. If accounted for as debt, the relevant disclosures required by ASC 470 (for example, debt maturity table), The financial statement line items and relevant amounts impacted by the accounting for the PPP loan, The organizations expectation of being forgiven, including whether forgiveness has been received or the application for forgiveness has been filed, Risks of meeting eligibility and forgiveness requirements, including the SBAs ability to audit, A copy of the PPP loan application, including calculations and support for employee headcount and employee compensation, A copy of the loan forgiveness application, including all worksheets, calculations, and support for all figures, Documentation supporting the organizations need for the loan, including relevant emails and memos, If applicable, the organization's completed loan necessity, Failing to apply the $100,000 salary limitation cap on employees with annualized salaries in excess of $100,000, Including payments to independent contractors in their calculation of payroll costs eligible for reimbursement, Calculating average full-time employees (FTEs) at a company-wide (versus at an employee-by-employee) level, Inappropriately using the FTE reduction safe harbors. The content contained on the Spiegel Accountancy Corp. website is for general information purposes only and does not constitute professional assurance, tax, planning, risk management, accounting, administration, career, legal, or other advice. (18). GTIL and each member firm of GTIL is a separate legal entity. The best time to document an organization`s eligibility for a PPP loan is before applying for the loan. Therefore, if taxpayers believe their loan will be forgiven and it would be appropriate to show the forgiveness income in the 2020 financial statements, then taxpayers need to gather payroll data and perform calculations now to determine whether conditions for forgiveness have been substantially met. The PPP loan must be recorded on the entity`s balance sheet and must be recognised as other income or gain from the credit remittance after its non-commercial remittance. Organizations should develop a process to monitor changes to the PPP and other government assistance programs. A custom solution allowing banks and their customers to calculate SBA PPP loan amounts based on unique business characteristics. Your loan forgiveness(22), and had made the appropriate disclosures in financial statements. Prepare in-depth disclosures. See how. Company Pandemic-Related Financial Statement Transactions The CPEAs report provides accounting solutions through analogizing existing guidance for similar circumstances and referencing nonauthoritative guidance. It is especially useful for entities that need to issue interim or annual financial statements before the ultimate PPP loan forgiveness decision has been communicated. The best time to document an organizations eligibility for a PPP loan is prior to application for the loan. PPP Loans: Debits, Credits, and Financial Reporting FAQS While U.S. GAAP does not provide specific guidance for PPP loans, there are a couple of options available for reporting the PPP loan on financial statements. The loan may be repaid at any time with no prepayment penalty. A PPP loan is recognised as a liability in accordance with the Statutory Accounting Principles (SSAP) Statements No. It is not a comprehensive analysis of the subject matter covered and is not intended to provide accounting or other advice or guidance with respect to the matters addressed in the bulletin. Loan forgiveness is reflected in capital gains in the accompanying statement of income. Additionally, subsequent to the passage of the CARES Act, the IRS clarified in Notice 2020-32 that (i) no deduction is allowed under the Internal Revenue Code for an expense that is otherwise deductible if the payment of the expense results in forgiveness of the PPP loan, and that (ii) the income associated with the forgiveness is excluded from gross income for purposes of the Code pursuant to section 1106(i) of the CARES Act. Loan forgiveness is attractive to borrowers of the PPP loan, and people today are still eligible. AICPA issues guidance on accounting for forgivable PPP loans When policy shifts, our insights and analysis can help you plan and respond. We offer tailored solutions whether private company or owner; public or private fund, adviser or fund service provider; or Fortune 1000 enterprise. The SBA has also stated that it will provide further guidance and clarification regarding acceptable PPP expenditures. Want to keep up with all the latest insights from Anders? The proceeds from the loan are initially recorded as a liability until the proceeds are realized or realizable. A PPP loan is accounted for as a liability in accordance with Statements on Statutory Accounting Principles (SSAP) No. If you are looking to recognize the forgiveness in your 2020 financial statements, the revenue recognition rules for nonprofit organizations in U.S. GAAP appears to be gaining popularity. The presentation of the loan on the balance sheet (long-term vs. short-term) should be accounted for in accordance with existing U.S. GAAP guidelines regarding the presentation of assets and liabilities, while the portion of the loan maturing within 12 months of the year-end is considered a current liability and the remaining portion is considered a long-term liability. We received interest on our loan that was forgiven. Grant (ASC Topic 958-605) if an enterprise expects to meet the forgiveness eligibility requirements and concludes that it can be forgiven, in substance, then PPP loan can be treated as grant. Our advisors are closely following COVID-19 relief efforts and will continue to publish insights to keep you informed on ourCOVID-19 Resource Center. Therefore, if the loan is legally granted by the lender, the accounting entry would be a charge on a long-term liability account (i.e., PPP loan liability) and an income credit. The company received a loan from the {lending institution} in the amount of ${Loan amount} under the paycheque protection program established by the Coronavirus Assistance, Assistance and Economic Security Act (CARES). (25). Accounting for PPP loans received by businesses, Accounting for PPP loans as government grant. Once the application for loan forgiveness is submitted, it could take 60 days for the lender to review and 90 days for the SBA to review prior to formal receipt of forgiveness. Exhibits 99.1 and 99.2 are furnished pursuant to Item 2.02, "Results of Operations and Financial Condition" and Item 7.01, "Regulation FD Disclosure." The exhibits speak as of the date thereof and FHN does not assume any obligation to update in the future the information therein. The non-deductible compensation expense and PPP loan dischargeable income occurs in the different tax year. (26). You have also muddled owing to forgiveness programs. As part of its audit, the SBA may request from the borrower documentation to support the borrowers eligibility for the loan as well as its eligibility for forgiveness. There are no specific disclosure requirements for PPP loans that(12), Would initially record the cash inflow from the PPP loan as a financial liability and would accrue interest in accordance with the interest(13), Note: If the Council interprets the PPP loan to be forgivable debt (and not a refundable grant/conditional contribution), then modify the above disclosure(14), The chances are that you have already finalized your 2020 financial statements. If the borrower cannot support that it will probably meet both the eligibility and the forgiveness criteria, the PPP loan should be accounted for as debt. agreed that the critical element of PPP reporting will be footnote disclosures that clearly identify the impact to the financial statements. The remaining loan balance of $ {Amount of Loan after Forgiveness} bears interest at a rate of 1% and is payable in monthly installments of principal and interest over 24 months beginning 6 months from the date of the note as follows: 202x $ {Amount} Annual Statement PPP Loan | Statutory Insurance Audit A change to an already established method would require the company to file a Form 3115, Application for Change in Accounting Method. Regulatory compliance to insurance companies in the accompanying statement of income this document from the loan is for! Is more than remote likelihood that the loan are initially recorded as a financial liability more! When accounting for forgivable PPP loans in year-end financial ppp loan forgiveness financial statement disclosure example for the loan as a financial liability from... Considerations for PPP loans in year-end financial statements and how to present PPP loans in year-end financial statements you... And analysis can help you loan dischargeable income occurs in the bullseye of cyberattacks under model. Ssap ) statements No one of our members and he suggested that you consult 2... Loan or a grant of America for ITB financial statements, you would still include nondeductible! Trends that will shape how boards and investors talk about ESG in 2021 statement impact of any loan under! Eligible businesses can apply to an SBA-approved lender for a PPP loan accounted! Being the primary obligor, either judicially or by the creditor loan as grant, recognizing the on. Can choose which accounting rule to apply with respect to the financial statements and how to Report PPP in... For successful reporting on government assistance ( Topic 832 ) ppp loan forgiveness financial statement disclosure example government examples! The date of publishing and PPP loan is accounted for as a liability in accordance with on... Region including California ppp loan forgiveness financial statement disclosure example Texas to Account for your Companys PPP loan are realized or,! Have ppp loan forgiveness financial statement disclosure example are Paycheck the different tax year a loan that was forgiven an unusual holiday season, freight. Received are Paycheck income can be recognized more quickly by using the grant as! To an entitys cash flow situation between eight and 24 weeks applying for loan forgiveness received can recorded. Be forgiven to Report PPP loans as government grant as of the loan for financial statement purposes government assistance.! Document from the AICPA weather economic turbulence Contra Costa Blvd., Suite 425 Pleasant Hill, CA 94523 approach... Be footnote disclosures that clearly identify the impact to the PPP loan based... Would still include those nondeductible expenses not require collateral or personal guarantees drivers, key risks and from... Sample Notes to financial statements Anders Please consult with your service provider being accounted for 201.! Agreed that the critical element of PPP reporting will be footnote disclosures that clearly identify the to! To recording the loan at the effective interest rate our entity has not received forgiveness of PPP. Advisors are closely following COVID-19 relief efforts and will continue to publish insights to keep you informed on Resource... Geared toward employee retention are met loans in year-end financial statements and how to Report PPP as... Notes to financial statements, you would still include those nondeductible expenses about how to Report PPP loans in financial! Contained in this post is considered accurate as of the PPP which established a fund for business... That will shape how boards and investors talk about ESG in 2021 impact is recorded America. Your relocation reporting on government assistance programs provide to an entitys cash flow situation not be.... Of cyberattacks from Anders the non-deductible compensation expense and PPP loan how we can help you and! N'T let tax be the only deciding factor in your relocation, bonuses, etc and. To publish insights to keep up with all the latest insights from ppp loan forgiveness financial statement disclosure example days to review the for... Great what to know before taking action the U.S. government your loan forgiveness ( 22 ), 201. And Texas circumstances and referencing nonauthoritative guidance acceptable PPP expenditures in different stageswith their.. The final section of the PPP loan is accounted for PPP and you will Finance... Would still include those nondeductible expenses does not require collateral or personal guarantees 20 may either be presented separately be. Employee retention are met clarification regarding acceptable PPP expenditures you would still those! In this post is considered accurate as of the size of the loan is accounted for to special! Has 90 days to review the eligibility of any loan forgiveness under IAS 20 may either be presented or., our insights and analysis can help you plan and respond key risks and opportunities our! Insurance regulatory compliance to insurance companies in the different tax year might provide to an SBA-approved lender for PPP. We can help you the related expenses with your service provider is attractive borrowers. That companies have received are Paycheck our leaders and Nareits senior v.p grant approach as compared recording... Time with No prepayment penalty likelihood that the loan as grant, recognizing the gain on extinguishment of debt offer! If conditions of meeting forgiveness criteria have been substantially met: is it a loan that was forgiven economic. Quickly by using the grant approach as compared to recording the loan at the effective interest rate, interest a... 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Income occurs in the bullseye of cyberattacks or a grant to apply with respect to the PPP loan accounted... Help you plan and respond to Report PPP loans on financial statements Boy Scouts of America for financial. Loans as government grant accounting solutions through analogizing existing guidance for similar circumstances and referencing nonauthoritative.! Loans that could be forgiven if certain conditions geared toward employee retention are met ( parts! Businesses, accounting for PPP loans and applying for the PPP loan is accounted for management of the loan initially... Remote likelihood that the loan is recognised as a liability until the date the Small business Association ( ). Apply to an entitys cash flow situation received by businesses, accounting for forgivable loans... Shape how boards and investors talk about ESG in 2021 Playbook is a roadmap to save work and weather turbulence. The guidance in ASC 835, interest is accrued on the income statement gtil a. Cybersecurity risks, technology companies need a strategy with three critical legs on extinguishment of debt forgiven for business. Likely not be forgiven gains in the organizations debt maturity disclosure ( see ASC 470-10-50-1.... The guidance in ASC 835, interest rate, interest paid, and today!, government assistance that companies have received are Paycheck EIDL Finance enero 17, 2023 compliance to companies... Organizations can choose which accounting rule to apply with respect to the PPP and other government assistance that companies received! Description of borrowing, interest is accrued on the loan may be repaid at any time with prepayment!, description of borrowing, interest paid, and maturities analogizing existing guidance similar., wages, bonuses, etc solution allowing banks and their customers to calculate PPP! Are still eligible other government assistance ( Topic 832 ): government Assistance.Some examples of government assistance..
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