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PPP application forms released - Journal of Accountancy

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The document is the Second Draw Borrower Application Form for the Paycheck Protection Program (PPP), revised on March 18, 2021. It outlines the eligibility criteria and application process for businesses seeking a second round of financial assistance under the PPP, which was established to support small businesses affected by the COVID-19 pandemic. The form collects essential information about the applicant's business structure, payroll costs, loan purpose, and ownership details, while also requiring certifications regarding compliance with federal regulations and eligibility requirements.

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How should PPP loan forgiveness be recorded?

Forgiveness of PPP loan proceeds should be recorded as income from continuing operations, as a separate line item. of loan forgiveness from the U.S. government is received.

What is the accounting entry for PPP loan forgiveness?

Once you are granted forgiveness, move the amount that was forgiven from the PPP Loan Liability account to the Other Income PPP Loan Funds account by debiting Page 2 2 Accounting for PPP Loans and Maximizing Forgiveness (continued) the liability account and crediting the Other Income account.

Where do I record PPP loan forgiveness on my taxes?

Forgiven PPP loans are considered Other Tax Exempt Income for federal purposes and will be reported on Schedule K-1 box 16B (S-corporations) or 18B (partnerships). This amount increases the shareholders or partners basis. Enter the amounts on the Passthrough K-1s screen as they were reported on your clients K-1.

How to report PPP loan forgiveness on balance sheet?

Report PPP loan forgiveness as book income on Schedule M-3 Balance Sheet. folder, go to the. Income (Loss) section and enter the reportable book amount in the. Income (Loss) per Income Statement. column.

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