Forgiveness of U.S. Subsidiary’s Paycheck Protection Program Loan
First written in FY2022-Q1. 5 of 7 entries say "Restated". Latest entry: FY2023.
2 other companies' latest entry also says "Restated".
- FY2023RestatedAnnual report
「Segment profit declined to ¥326.235 million, down 22.1% year on year, partly because the profit-supporting contribution from the U.S. subsidiary’s Paycheck Protection Program (PPP) last year was no longer present.」
The loss of the previous year’s PPP-related profit contribution is also cited as a factor behind the decline in overseas segment profit for the full fiscal year. - FY2023-Q3RestatedAnnual report
「Regarding profit, gross profit increased as the company grew sales in the North American market, where a certain level of profit is expected, and ocean freight rates, which had continued to rise sharply, were returning toward pre-COVID levels. However, segment profit declined to ¥289.716 million, down 7.4% year on year, due in part to the expensing of one-off M&A-related fees and the loss of the previous year’s profit-supporting contribution from the U.S. subsidiary’s Paycheck Protection Program (PPP).」
The loss of the previous year’s PPP-related profit contribution is again cited as a factor behind the decline in overseas segment profit in the current quarter. - FY2023-Q2RestatedAnnual report
「In addition to continuing to be affected by higher ocean freight rates since last year, the overseas segment also lost the profit-supporting contribution from the U.S. subsidiary’s Paycheck Protection Program (PPP) last year. As a result, segment profit declined to ¥259.615 million, down 7.1% year on year.」
The loss of the previous year’s PPP-related profit contribution from the U.S. subsidiary is again cited as a factor behind the decline in overseas segment profit in the current quarter. - FY2023-Q1Loss of PPP profit contributionAnnual report
「In addition to the continuing impact of higher ocean freight rates since last year, the absence of the prior-year profit contribution from the U.S. subsidiary's Paycheck Protection Program (PPP) caused segment profit to decline to ¥138,876 thousand, down 14.4% year on year.」
The company states that the PPP-related profit contribution from its U.S. subsidiary, which contributed to overseas segment profit in the previous fiscal year, was no longer present in the current quarter. - FY2022-Q3RestatedAnnual report
「Okada America, Inc., our consolidated subsidiary, applied for and borrowed under the Paycheck Protection Program (PPP) loan, a U.S. employment protection policy related to COVID-19. Because the loan proceeds were used to pay employee wages and other costs for employment protection, which was a condition for loan forgiveness, repayment was waived, and the ¥43.844 million grant was deducted from selling, general and administrative expenses.」
The company states that, in connection with forgiveness of Okada America, Inc.’s PPP loan, the ¥43.844 million grant was deducted from selling, general and administrative expenses. - FY2022-Q2RestatedAnnual report
「Okada America, Inc., our consolidated subsidiary, applied for and borrowed under the Paycheck Protection Program (PPP) loan, a U.S. employment protection policy related to COVID-19. Because the loan proceeds were used to pay employee wages and other costs for employment protection, which was a condition for loan forgiveness, repayment was waived, and the ¥43.548 million grant was deducted from selling, general and administrative expenses.」
The company continues to state that, in connection with forgiveness of Okada America, Inc.’s PPP loan, the ¥43.548 million grant was deducted from selling, general and administrative expenses. - FY2022-Q1First statedAnnual report
「Okada America, Inc., our consolidated subsidiary, applied for and borrowed under the Paycheck Protection Program (PPP) loan, a U.S. employment protection policy related to COVID-19. Because the loan proceeds were used to pay employee wages and other costs for employment protection, which was a condition for loan forgiveness, repayment was waived, and the ¥43.148 million grant was deducted from selling, general and administrative expenses.」
Okada America, Inc. received forgiveness of its PPP loan, and ¥43.148 million was deducted from selling, general and administrative expenses.