I suggest you read the following article. It clarifies the issue of interest accruals. The accumulated interest accrual will actually become part of the debt forgiveness if your application is accepted. The option to claim the fees (accounting/lawyers) incurred in connection with the PPE loan is also an interesting point. The main issue, make sure that you record the funds you received as a loan payable.
For the time being, there are no GAAP/FASB comments/indications out to the best of my knowledge.
I posted another URL on this forum with regards to how to compute the payroll portion of the PPP program. Owners' payroll and the company's contribution for some of the retirement savings can be included.
The CARES Act has yet to include accounting treatment for the recording & recognition of PPP loans. We provide a summary of this in accordance with US GAAP.
www.bnncpa.com