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Accounting for CARES Act program, including loans and tax changes, among other types of relief. Updated to address how a borrower should account for a loan through the PPP.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act became law on March 27. It was a response to the market volatility and instability resulting from the coronavirus pandemic, and includes provisions to support individuals and businesses in the form of loans, grants, and tax changes, among other types of relief.
This In depth answers questions regarding the accounting and disclosure implications of certain of the provisions in the stimulus package. Provisions addressed include: relief from certain accounting guidance; tax code changes; below-market loans; and other programs that essentially provide government assistance to businesses.
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