In our recent alert regarding Paycheck Protection Program (PPP) loan forgiveness, credits for architecture and engineering firms, and Federal Highway Administration (FHWA) guidelines, we had mentioned that individual Department of Transportation (DOT) agencies would be releasing guidance for consultants regarding the treatment of PPP loan forgiveness and the effect on the overhead rate. PENNDOT recently provided guidelines and items to consider when submitting your overhead rate.
It will be important for each consultant to review their individual situation when reviewing PPP forgiveness and the effect on their overhead rate.
If you have any questions, please don’t hesitate to contact Thomas Yankanich, Director, Audit & Accounting and Government Contracting and Architecture and Engineering Industry Group Co-Leader, or any member of Kreischer Miller’s Government Contracting Industry Group.
Information contained in this alert should not be construed as the rendering of specific accounting, tax, or other advice. Material may become outdated and anyone using this should research and update to ensure accuracy. In no event will the publisher be liable for any damages, direct, indirect, or consequential, claimed to result from use of the material contained in this alert. Readers are encouraged to consult with their advisors before making any decisions.