Office Closure: Beginning July 2, the Delap office will close for an interior remodel. The remodel project has been in the works for months and will include an updated reception area as well as new and improved conference rooms. The project is scheduled to last a few months, with the office anticipated to reopen sometime around the holidays. We will continue to assist our clients with their accounting and advisory needs during the  remodel, and we appreciate your patience and understanding during this renovation process.

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CARES Act and COVID-19 Accounting Issues for Banks

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We are monitoring the developments of COVID-19 so we can continue to provide support as you navigate the uncertainty and turbulence of the “new normal.”

Delap’s financial institutions team recently attended the AICPA’s annual conference on banks and savings institutions. We know financial institutions have many questions on issues such as:

  • Lenders’ accounting for Paycheck Protection Program (PPP) loans
  • Lenders’ accounting for PPP loan fees received from the Small Business Administration
  • Loan modifications made during the COVID-19 pandemic
  • Troubled debt restructurings (TDRs)
  • The accounting impact of certain provisions in the CARES Act

Each of these topics was addressed in detail at the AICPA conference and in various other formats over the past few months. We have accumulated some of the most common resources, literature, and guidance into one location below for your convenience:

Hopefully this is helpful as you continue to maneuver these unprecedented times. As always, please don’t hesitate to reach out to Delap if we can assist you in any way.

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