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WOLF & CO Events & Webinars PPP Loan Forgiveness Accounting & Tax Considerations Update

PPP Loan Forgiveness Accounting & Tax Considerations Update



Date Presented

May 6, 2020

Presenters

Ryan P. Brunell
Ryan M. Gorman
Daniel F. Morrill
Michael C. Stravin

Summary

If you or your customers have received, or expect to receive, Paycheck Protection Program (PPP) funding, you likely have several questions and concerns:

  • What specifically qualifies for loan forgiveness?
  • How do you account for the proceeds and the loan forgiveness?
  • When can you apply for loan forgiveness?

On top of that, there are tax considerations for both corporations and pass-through entities surrounding the program, including federal and state tax treatment of forgiveness and rule conformity.