Accounting for ppp loan proceeds
Investor Relations - Aviat Networks
The Company received the PPP Loan proceeds on April 22, 2020. On April 23, 2020, the Small Business Administration published new guidance regarding the PPP Loan which the Company is currently evaluating and will complete its assessment before May 7, 2020.
Overview - XpresSpa Group
The principal amount of the PPP Loan is subject to forgiveness under the PPP upon the Company’s request to the extent that PPP Loan proceeds are used to pay expenses permitted by the PPP, including payroll, rent, and utilities. The Bank may forgive interest accrued on …
[DOCX File]BEE, BERGVALL & CO.
https://info.5y1.org/accounting-for-ppp-loan-proceeds_1_292690.html
Accounting & Tracking: We recommend that you deposit the loan proceeds into a bank account that is separate from your checking account. This could be a money market account or savings account. ... department or class feature or customer-job feature of your software and set up a separate class or department for the PPP Loan: You could record ...
Overview | AutoWeb, Inc.
Comply in all material respects with the requirements of the CARES Act with respect to the SBA PPP Loan, (ii) take reasonable requisite actions for the full forgiveness the entire SBA PPP Loan, (iii) use SBA PPP Loan proceeds only for permitted purposes under the CARES Act, (iv) apply for forgiveness of the maximum permitted portion of the SBA PPP Loan in accordance with the terms of the SBA ...
[DOCX File]Boyum Barenscheer
https://info.5y1.org/accounting-for-ppp-loan-proceeds_1_4b78d4.html
PPP Forgiveness Accounting & Recordkeeping _____ If you have submitted a Paycheck Protection Program application and have received a notice of approval status, the next step is to ensure that your accounting system is set up appropriately. ... prorated as necessary, may not be paid with PPP proceeds. ACCOUNTING . ... PPP-Loan-ForgivenessTracker ...
Overview - XpresSpa Group
The maturity date is May 2, 2022. The principal amount of the PPP Loan is subject to forgiveness under the PPP upon the Company’s request to the extent that PPP Loan proceeds are used to pay expenses permitted by the PPP. Bank of America may forgive interest accrued on any principal forgiven if the SBA pays the interest.
[DOCX File]cdn.ymaws.com
https://info.5y1.org/accounting-for-ppp-loan-proceeds_1_c03b96.html
Funds received through the Paycheck Protection Program (PPP) loan process are a balance sheet transaction, with loan proceeds recorded in loan payable account 451 (if short term) or 521 (if long term).
[DOCX File]www.a-r-a.org
https://info.5y1.org/accounting-for-ppp-loan-proceeds_1_1a97a5.html
Consider having PPP funds deposited into a separate bank account for ease of accounting purposes. Disburse with assistance from PPP tracking calculator used by your accountant. If receiving funds through the Small Business Administration’s EIDL program, businesses and nonprofits should follow the requirements included within any loan ...
[DOCX File]Agreed-Upon Procedures: PPP Loan Forgiveness Calculations
https://info.5y1.org/accounting-for-ppp-loan-proceeds_1_68b285.html
A PPP borrower that received loan proceeds prior to the date of the Paycheck Protection Flexibility Act (June 5, 2020) may elect to use the 56-day period originally stipulated under the CARES Act. This letter should be modified as appropriate if the client elects to use the 56-day covered period.
MiMedx Group, Inc. | Investor Overview
The Company intends to use the proceeds from the PPP Loan in a manner that would allow for forgiveness of the entire amount of the loan, although there is no assurance that the proceeds of the PPP Loan will be forgiven. In addition, the Company has agreed to terms for an amendment to its Term Loan Agreement with Blue Torch.
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