Text of Recommendation | Inquire with standard setting bodies to confirm the appropriate accounting treatment throughout each step of the recovery lifecycle for COVID-19 EIDLs and the PPP loans that have been charged-off or forgiven. Memorialize the response by updating management’s documented policies and procedures including the respective accounting entries under generally accepted accounting principles for all applicable scenarios. |
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Recommendation Number | 22 |
Recommendation Status | Open |
Significant Recommendation | Yes |
Submitting OIG | |
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Linked Report |