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Tips for For-profits Applying NFP Accounting Rules for PPP Funds

Michel Morley

Mike Morley

Wednesday, May 26, 2021 | 11:00 AM EDT

  • CPA (US)

2 Credits

$20

Subject Area

Accounting

Webinar Qualifies For

2 CPE credit of Accounting for all CPAs

2 General Educational credit for Tax Professionals / Bookkeepers / Accountants

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Course Description

When accounting for Pay check Protection Program (PPP) loans, for-profit entities may wish to apply the conditional contribution method that has been more commonly associated with not-for-profits’ PPP accounting.

when the PPP’s eligibility and loan forgiveness criteria are expected to be met, a for-profit could account for a PPP loan in accordance with FASB Accounting Standards Codification (ASC) Subtopic 958-605 as a conditional contribution.

Although regulators and many legislative bodies have imposed strict controls, accounting for the loans that are forgivable along with some of the interest can be a little confusing.

This Online continuing education course will not only explain how PPP loans work, but it will also provide guidance for the choices and judgments you are called upon to make.

Major Topics Covered in this online CPE webinar:

  • What is a PPP loan?
  • How Fist draws and Second draws work.
  • Accounting choices and their consequences.
  • We will walk you through the entry details.
  • Financial Statement presentation.
  • Required disclosures.

Learning Objectives

  • To state the basics of the PPP loan program.
  • To discuss what loan conditions you need to meet.
  • To Become familiar with first and second draw requirements.
  • To Know your accounting choices.
  • To Know the rules for and develop strategies for using PPP loan proceeds.
  • To Apply appropriate accounting policies.

Who Should Attend?

  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm