Accounting Standard Updates

VIDEO: What do I need to include in my annual statement about my PPP loan?

Hot Take:

Hot Take

If you are an insurance entity that qualified for and received a PPP loan under the CARES Act, you may be wondering how to fit PPP loan receipts and eventual forgiveness disclosures into your quarterly and annual regulatory reporting statements. Fear not, JLKR provides the advance answer to that question in this video.

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For sample disclosures for PPP loans and forgiveness to be included in your quarterly and annual statements, click here.

For more guidance on the recognition of loan proceeds under the Payroll Protection Program (PPP), including a table with a tabular view of three key aspects of accounting for the loan program by Statutory, GAAP and non-profit reporting, see our post by clicking here. For a video explanation, click here.