Due to COVID-19, many DOD contractors applied for and received funding from the Payroll Protection Program (PPP). While these funds enabled employers to support those on their payroll and stay operational, the government had been silent regarding forgiveness, repayment and credits —and how they apply to government funded contracts (and grants).
Recently, the DCAA provided greater clarity to their auditors in the form of FAQs. We’ve compiled the key points and highlighted the areas we feel are most important to our clients. While DCAA’s focus is on DOD contractors, we believe these rules have been well thought out and will also be true for NIH, DOE and NSF grantors
The bottom line: It REALLY matters which costs you identify for forgiveness!
If you need advice regarding your PPP loan or incurred cost submission, feel free to reach out to our DOD contract accounting experts. We’re here to help.
A complete listing of DPC guidance issued in response to COVID-19 can be found at https://www.acq.osd.mil/dpap/pacc/cc/COVID-19.html
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