Sage 50 Canada

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CEBA Loan Repayment

Posted By Kelly Ruttan 3 months ago

We received two loans from the Covid relief CEBA program. We are eligible for loan forgiveness of part of the total amount since we have paid off the qualifying amount. My question is which account should I post the 'forgiven' portion of the loan to in order to close out the loan balance?

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Alwyn 3 months ago +2

Under the terms of the CEBA program the forgiven portion of these loans were to have been taken into revenue as a government grant when the loan was first taken. If this was not done then you should do…

0 Alwyn 3 months ago

Under the terms of the CEBA program the forgiven portion of these loans were to have been taken into revenue as a government grant when the loan was first taken. If this was not done then you should do this now. Debit the loan account for the 'forgiven' portion and credit a revenue account 'Government Grant.'
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Sage 50 Canada

CEBA Loan Repayment

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