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But not, a debtor may also make a bookkeeping rules election to provide the fresh new PPP loan due to the fact a classic borrowing

But not, a debtor may also make a bookkeeping rules election to provide the fresh new PPP loan due to the fact a classic borrowing

When the a borrower enjoys previously dependent a policy to help you account for authorities has, it should consider first whether you to accounting policy can be applied so you can PPP finance (for-instance, a healthcare entity one to in past times used the fresh advice for the ASC 450-31 so you can take into account costs obtained having electronic fitness-list tech underneath the American Healing and you will Reinvestment Operate out-of 2009).

Yet not, of several businesses lack an established arrange for bookkeeping to have regulators has or you will stop that PPP money commonly comparable on authorities offers received in earlier times, so that they should present a unique bookkeeping coverage.