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During the pandemic the Government created a loan program for business called the Paycheck Protection ProgramUnder the program businesses could obtain loans through the Small Business Administration to pay for certain types of expenses to allow the business to continue to exist during the pandemicIf a business borrowed under the prorgam and used at least 80% of the proceeds of the loan for the allowable expenses they could apply and have the loan forgiven.

The assignment is to document the correct accounting for when the loan was received and for when the loan was forgivenUse the Accounting Standards Codification to determine the correct treatment and prorperly reference the Codification in your answer.

During the pandemic the Goverment created a loan program for business called the Paycheck Protection Program. Under the program businesses could obtain loans through the Small Business Administration to pay for certain types of expenses to allow the business to continue to exist during the pandemic It a business borrowed under the prorgam and used at least 80% of the proceeds of the loan for the allowable expenses they could apply and have the loan forgiven The assignment is to document the correct accounting for when the loan was received and for when the loan was forgiven. Use the Accounting Standards Codification to determine the correct treatment and properly reference the Codification in your

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