Bloomberg Tax
May 19, 2020, 8:46 AM

Government’s Pandemic Business Loans Fuzzy on Accounting

Nicola M. White
Nicola M. White

Add one more headache to the list of problems businesses face as they apply for government loans to keep them afloat: accounting for them.

No section of U.S. Generally Accepted Accounting Principals (GAAP)—the giant rulebook that covers how to tally almost every line in a company’s financial statement—captures accounting for the forgiveable government loans offered in the third coronavirus relief package (Public Law 116-139) President Donald Trump signed into law in late March. With the clock ticking toward the close of the second quarter, accountants are scrambling for guidance on the Paycheck Protection Program and other relief offered ...

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