Background and SAPWG Adoptions
The INTs, as initially issued, were temporary and set to expire December 31, 2020, or alternatively, 60 days following the date on which the Coronavirus national emergency formally terminates. Our original, in-depth explanations of these Interpretations (INT) can be found at the following links:
- INT 20-03 – Troubled Debt Restructuring Due to COVID-19
- INT 20-07 – Troubled Debt Restructuring of Certain Debt Investments Due to COVID-19
On December 27, 2020, the Consolidated Appropriations Act of 2021 (2021 Act) was signed into law. The 2021 Act modified and extended the original CARES Act, which included adjustments extending the provisions for a temporary reprieve from troubled debt restructurings. On January 25, 2021, SAPWG followed suit by extending these INTs with an applicable termination date of January 1, 2022, or the date that is 60 days following the date on which the national emergency concerning the coronavirus outbreak declared by the President on March 13, 2020, under the National Emergencies Act terminates. These INTs will automatically expire on January 2, 2022 (to include year-end 2021 financial statement reporting) unless the outbreak under the National Emergencies Act ends prior to that date.