Participants in this session will get the latest updates on Paycheck Protection Program (PPP) loan forgiveness and required credits under the Federal Acquisition Regulation (FAR), particularly on contracts with State Departments of Transportation (DOTs) and local agencies that use FAR indirect cost rates. Four industry experts who helped develop guidance for State DOT auditors and A/E firms will review the key points of the Federal Highway Administration (FHWA) regulations and the supplemental guidance developed by the working group. They will also discuss the latest developments in policies and procedures being implemented in various states and the potential impact on firms.

Key topics will include

• The timing of recognition of PPP loan forgiveness and related credit
• Allocation of PPP loans to certain costs
• Calculation of the credit and what costs may be excluded
• Required documentation and disclosures
• Strategies for navigating the impact on contracts

Presenter: T. Wayne Owens, Stambaugh Ness; Dan Purvine, A/E Clarity Consulting and Training; Diana Strassmaier, Aldrich CPAs + Advisors; and Scott Sutton, Somerset CPAs and Advisors