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

Michel Morley

Mike Morley

  • CIA
  • CMA
  • CPA (US)
  • IAP
  • QIAL

Published: September, 2021

You need to register for the webinar to watch the video.

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Before starting this self study program, please go through the instructional document.


  • For-profit vs. Not-profit
    2 mins
  • PPP Loan conditions
    18 mins
  • Who may qualify
    28 mins
  • Reapplying and loan increase
    33 mins
  • PPP First Draw Terms for loan fogiveness
    46 mins
  • Accounting for PPP loans as debt extinguishment
    66 mins

Course Description

When accounting for Paycheck 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 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 analyze your accounting choices.
  • To discuss 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