Journal Of Accountancy Ppp Loan​


1. PPP calculations guidance released - Journal of Accountancy

Url: https://www.journalofaccountancy.com/news/2021/jan/ppp-loan-calculations-guidance-released.html

12 hours ago The U.S. Small Business Administration (SBA) and Treasury issued an 18-page document Tuesday detailing how Paycheck Protection Program (PPP) borrowers should calculate revenue reduction and maximum loan amounts for second-draw PPP loans. The guidance also lists the documents borrowers must provide to support each set of calculations.

2. SBA stops accepting new PPP applications from most lenders ...

Url: https://www.journalofaccountancy.com/news/2021/may/sba-stops-accepting-most-new-ppp-applications-funds-run-out.html

4 hours ago First-draw PPP loans accounted for $57.3 billion, and second-draw loans totaled nearly $201 billion. AICPA experts discuss the latest on the PPP and other small business aid programs during a virtual town hall held every other week. The webcasts, which provide CPE credit, are free to AICPA members and $39.99 for nonmembers.

3. Expenses paid with 2020 PPP loans can be deducted on 2021 ...

Url: https://www.journalofaccountancy.com/news/2021/apr/ppp-loans-forgiven-in-2020-can-be-deducted-on-2021-tax-returns.html

20 hours ago The IRS announced a safe harbor for certain businesses that received first-round Paycheck Protection Program (PPP) loans but did not deduct any of the original eligible expenses because they relied on guidance issued before the enactment of the Consolidated Appropriations Act, 2021 (CAA), P.L. 116-260, in December 2020.

4. New PPP guidance issued by SBA, Treasury - Journal of ...

Url: https://www.journalofaccountancy.com/news/2021/jan/sba-treasury-issue-ppp2-guidance.html

24 hours ago PPP loan maximum amounts In general, first- and second-time PPP borrowers may receive a loan amount of up to 2.5 times their average monthly payroll costs (with a cap per employee of $100,000 annualized) in 2019, 2020, or the year prior to the loan.

5. Updated PPP loan forgiveness applications and rules ...

Url: https://www.journalofaccountancy.com/news/2021/jan/ppp-loan-forgiveness-updated-applications-and-rules.html

24 hours ago That form, called the PPP Loan Forgiveness Application Form 3508S, can be used by borrowers that received a PPP loan of $150,000 or less. The form seeks information about the borrower's loan amount, disbursement date, employee totals, covered period dates, amount of the loan spent on payroll, and the amount of the loan for which forgiveness ...

6. AICPA asks for guidance on S corp. and partnership PPP ...

Url: https://www.journalofaccountancy.com/news/2021/mar/ppp-loan-forgiveness-s-corps-partnerships-guidance-needed.html

5 hours ago Taxpayers urgently need guidance on Paycheck Protection Program (PPP) loan forgiveness issues, the AICPA has told the IRS, and the AICPA has made recommendations proposing solutions to those issues.

7. PPP borrowers can use gross income, SBA rules - Journal of ...

Url: https://www.journalofaccountancy.com/news/2021/mar/ppp-borrowers-can-use-gross-income-sba-rules.html

2 hours ago The U.S. Small Business Administration (SBA) issued new Paycheck Protection Program (PPP) rules that allow self-employed individuals who file Form 1040, Schedule C, Profit or Loss From Business, to calculate their maximum loan amount using gross income instead of net profit.

8. SBA clarifies deferral period for PPP loan payments ...

Url: https://www.journalofaccountancy.com/news/2020/oct/ppp-loan-repayments-deferral-period.html

3 hours ago The US Small Business Administration released guidance Wednesday clarifying that lenders must recognize the previously established extended deferral period for payments on the principal, interest, and fees on all Paycheck Protection Program (PPP) loans, even if the executed promissory note indicates only a six-month deferral.

9. Expenses used for PPP loan forgiveness: Deductible or not ...

Url: https://www.journalofaccountancy.com/news/2020/dec/expenses-used-for-ppp-loan-forgiveness-deductible-or-not.html

21 hours ago The Paycheck Protection Program (PPP), created as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136, authorized loans to certain businesses affected by the COVID-19 pandemic.

10. PPP Loan Accounting Guidance from AICPA

Url: https://www.picpa.org/articles/cpa-now-blog/cpa-now/2020/06/01/ppp-loan-accounting-guidance-from-aicpa

28 hours ago As a means of aiding businesses hurt by the COVID-19 pandemic, the federal CARES Act included the Paycheck Protection Program (PPP). The PPP which established a fund for Small Business Administration loans that could be forgiven if certain conditions geared toward employee retention are met.

11. U.S. GAAP Accounting and Reporting Considerations for PPP ...

Url: https://www.hmpc.com/blog/u-s-gaap-accounting-and-reporting-considerations-for-ppp-loans-for-business-entities/

12 hours ago PPP loans should be accounted for as debt instruments in accordance with ASC 470, Debt. Therefore, when the loan proceeds are received, the accounting entry would be a debit to cash and a credit to a long-term liability account (i.e., "PPP Loan Liability").

12. Accounting for PPP loans received by businesses | Grant ...

Url: https://www.grantthornton.com/library/articles/audit/2020/snapshot/september/accounting-PPP-loans-received-businesses.aspx

14 hours ago Under IAS 20, a borrower should account for a PPP loan as an income-related grant and initially recognize the loan as a deferred income liability. The borrower should then relieve the loan through income on a systematic and rational basis in those periods over which the entity recognizes the expenses that the grant is intended to offset.

13. Accounting for Paycheck Protection Program Forgiveness - DHJJ

Url: https://dhjj.com/accounting-for-paycheck-protection-program-forgiveness/

32 hours ago On Wednesday, June 10, 2020, the AICPA published Technical Questions and Answers (TQA) 3200.18, Borrower Accounting for a Forgivable Loan Received Under the Small Business Administration Paycheck Protection Program providing guidance on the accounting for loan forgiveness under the Paycheck Protection Program (PPP).

14. Accounting for Your Paycheck Protection Program ("PPP") Loan:

Url: https://gpwcpas.com/accounting-for-your-paycheck-protection-program-ppp-loan/

20 hours ago When paying for qualified PPP loan expenses, during the 8-week period after the PPP loan proceeds were received, the general journal entries to record these transactions are the same as when paying those expenses at any other time and dependent on whether you use the cash or accrual basis of accounting.

15. PPP Loan Accounting | Creating Journal Entries & PPP ...

Url: https://www.patriotsoftware.com/blog/accounting/ppp-loan-accounting/

22 hours ago If you are able to create a separate bank account for your PPP loan, you'll create two journal entries. Use your regular bank account to pay for expenses. Then, transfer the appropriate PPP loan funds from your PPP account to your regular bank account to cover them.

16. PPP calculations guidance released - Journal of Accountancy

Url: https://sakelebatos.blogspot.com/2021/01/ppp-calculations-guidance-released.html

28 hours ago The U.S. Small Business Administration (SBA) and Treasury issued an 18-page document Tuesday detailing how Paycheck Protection Program (PPP) borrowers should calculate revenue reduction and maximum loan amounts for second-draw PPP loans. The guidance also lists the documents borrowers must provide to support each set of calculations.

17. Deductibility of business expenses funded by PPP loans

Url: https://www.thetaxadviser.com/issues/2021/may/deductibility-business-expenses-ppp-loans.html

24 hours ago Paycheck Protection Program (PPP) loans are eligible for forgiveness if the business uses the funds to pay for eligible items such as payroll, certain employee health care costs, interest on mortgage obligations, rent, and utility expenditures.

18. Accounting Profession Concerned About PPP "Loan Necessity ...

Url: https://www.cpapracticeadvisor.com/accounting-audit/news/21163349/accounting-profession-concerned-about-ppp-loan-necessity-questionnaires

30 hours ago In a recent Journal of Accountancy article, Barry Melancon, CPA ... "We strongly believe that the vast majority of small businesses needed their PPP loan to stay in business and retain ...

19. Accounting for Your Paycheck Protection Program ("PPP ...

Url: https://gpwcpas.com/news-resources/accounting-for-your-paycheck-protection-program-ppp-loan/

34 hours ago Recording Payment of Qualified PPP Loan Expenses: When paying for qualified PPP loan expenses, during the 8-week period after the PPP loan proceeds were received, the general journal entries to record these transactions are the same as when paying those expenses at any other time and dependent on whether you use the cash or accrual basis of accounting.

20. Paycheck Protection Program Loans for Taxpayers with Self ...

Url: https://www.aslcpa.com/newsletters/paycheck-protection-program-self-employment-income/

16 hours ago Journal of Accountancy - New PPP Loan Forgiveness Applications Released; New Developments - May 2020. Treasury Department issued two IFRs late Friday, 5/22: IFR - Loan Forgiveness Restates that eligible expenses can be paid during the Covered Period or incurred before the end of the period and paid at the next regular payment date;

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