| ID | Status | Date | Public/Private | Industry | AHACPA Contact |
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| #14263 | Closed | public | Multifamily | Les Sparks |
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Les — I’m doing ten 9/30/2020 audits, 4 of which have PPP Loans. Does HUD/REAC have a specific liability account number where the PPP Loan amount should be shown? Thanks —
Rusty Wilson |
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There is no specific account mentioned. For me, the amounts would go to other current liabilities or, if we believe forgiveness is achievable, I might call it deferred revenue and the footnote can explain. Calling it a note may appear to the correct answer, but will likely cause alarm bells if the client did not get HUD approval for from HUD to get the loan. (only applicable to insured mortgages)
Les
From: AHACPA Support <support@ahacpa.org> |
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Thanks Les!
Rusty Wilson, CPA
3914 Miami Road — Suite 202 Cincinnati, Ohio 45227 office – 513-271-7745 cell – 513-831-8288 ( NEW)
rusty@rwilsoncpa.com
From: AHACPA Support <support@ahacpa.org> |