LEGISLATIVE ALERT
Paycheck Protection Program Loan Forgiveness Calculator Available
As we announced on Saturday, May 16, the Small Business Administration (SBA) released the Paycheck Protection Program (PPP) loan forgiveness application and instructions providing PPP loan proceed recipients the long-awaited guidance on many of the undefined aspects of the loan forgiveness process. While many areas were clarified, additional guidance is needed in a variety of areas and the SBA has promised to provide that guidance in the near future in the form of an interim final rule. Once announced, we will provide you with that additional information.

PPP FORGIVENESS CALCULATOR AVAILABLE

The AICPA has an SBA Paycheck Protection Program resource page on their website that includes a downloadable loan forgiveness calculator that will automatically download an excel file when clicking the following link PPP forgiveness calculator . ( The current file was updated today, 5/21/20, and is still in draft form.)  This calculator is a useful tool for not only calculating your PPP forgiveness amount at the end of the forgiveness period, but it’s a great resource for projecting your forgiveness spending over the 8 week forgiveness period.

We are able to assist you in reviewing your forgiveness calculations to maximize your forgiveness. Please reach out to your engagement shareholder if you would like additional information about these services.
FASB REVENUE RECOGNITION STANDARD EXTENDED 1 YEAR FOR NONPUBLIC ENTITIES
FASB voted Wednesday to extend by one year the effective date of its revenue recognition standard to all nonpublic entities that have not yet issued their financial statements.

The final ASU is expected to give nonpublic entities the option of adopting the revenue recognition standard (FASB ASC Topic 606,  Revenue From Contracts With Customers)  on the current implementation date or deferring implementation for one year.

For private companies and private not-for-profits, the effective date will be for fiscal years beginning after Dec. 15, 2021 and interim periods within fiscal years beginning after Dec. 15, 2022.

We are Here to Help
We are here to serve you, our valuable clients. Please reach out to your engagement team leader if you would like to discuss the various COVID-19 relief programs and how they may impact you and your business. If there's anything we can do to assist you at this time, please contact us .
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Visit Our COVID-19 Resource Page

LevitZacks has a dedicated COVID-19 Resource Page with the latest resources and guidance for our clients.

From SBA resources and updates for employers and employees to federal, state and local tax and regulatory changes, you will find the latest resources available in one place.
This information has been provided for informational purposes only and not actual professional tax and/or accounting advice. Before making any decision or taking any action you should consult with your professional advisor about your specific situation.
Please contact your engagement shareholder if you have any questions.