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Paycheck Protection ProgramOMB Control No.: 32450417 Expiration Date: 9/30/2021Second Draw Borrower Application Form Revised March 18, 2021 ( Sole proprietor Partnership CCorp SCorp LLC Independent.

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Related content

SBA and Treasury Release Paycheck Protection...
May 16, 2020 — The form and instructions inform borrowers how to apply for forgiveness...
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An Evaluation of the Paycheck Protection Program...
Jul 22, 2020 — in a range above the threshold, which forms the control group. ... PPP...
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PPP - The Ohio Society of CPAs
May 13, 2020 — AICPA Summary of PPP As of February 16, 2021 ... The SBA issued guidance...
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Related links form

KY AOC-335 2019 KY AOC-492 2020 KY AOC-492.A 2020 KY AOC-495 2020

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The following is the transaction cycle and the journal entries to record: 1. When you receive the funds, debit the PPP Loan Funds Cash account and credit the PPP Loan Funds account (current liability).

If management determines that it is a loan, the accounting answer is relatively simple: You would follow the guidance in ASC 470 and record the loan as a liability until the borrower is legally released from their obligation to repay the loan (i.e. the borrower has received notification of forgiveness from the SBA).

Journal entry for a government support loan forgiven The Government Loan Payable liability account is debited for the amount forgiven (to reduce the balance of the liability), and Other Income – Loan Forgiveness revenue account is credited for the amount forgiven (to recognize the amount forgiven as income).

To record accrued interest in your books for the PPP loan, debit your Interest Expense account and credit your Accrued Interest Payable account (which is a liability account). Many businesses record interest accruals during the month-end closing procedures and include interest incurred to that month-end date.

Create a journal entry to debit the PPP Loan account for the amount forgiven and credit the new PPP Loan Forgiveness account or sub-account for the amount of expenses to total the forgiven amount. If you need assistance with this process, visit with one of our QuickBooks Experts at (888) 388-1040.

Head to Accounting and then Transactions; click Add expense. In the new expense transaction, enter the date, and enter a description (for example, “PPP loan accrued interest”). In the Account dropdown, select the PPP loan account. Enter the amount of accrued interest on the statement into the Total amount field.

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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232