During the pandemic, the Government created a loan program for businesses 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 pandemic a business borrowed under the program 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 the Accounting Standards Codification to determine the correct treatment and properly reference the Codification in your answer.

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The coronavirus crisis in the United Statesand the associated business closures event cancellations and workfromhome policiestriggered a deep economic downturn The sharp contraction and deep uncertain... View the full answer