Category: Theodore Campbell

Accounting for PPP Loan Forgiveness

The guidance suggested that a nongovernmental entity (including not-for-profits, “NFP”) may account for the PPP loan as a financial liability in accordance with FASB ASC 470, Debt, if certain conditions are met. In addition, the guidance suggested that a nongovernmental NFP may account for the PPP loan as a conditional grant/contribution in accordance with FASB ASC 958-605, Not-for-Profit Entities: Revenue Recognition, if certain conditions are met.

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New PPP Rule Changes

t’s funny what a difference a few weeks make. Prior to June 6th, when the forgiveness period was only eight weeks, we were strategizing with our clients to try to determine which staff they needed to bring back to work, considering which base period would have the least impact on their FTE calculation, and determining if we should use the cash basis or alternate method for seeking payroll forgiveness?

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