Gain on Forgiveness of Debt from Paycheck Protection Program Loans
First written in FY2022-Q1. 2 of 4 entries say "Cited as achieved", first in FY2022-Q3. Latest entry: FY2023-Q3.
2 other companies' latest entry also says "Cited as achieved".
- FY2023-Q3Cited as achievedAnnual report
「During the first 3 quarters of the previous fiscal year, Taiho Corporation of America and Taiho Manufacturing of Tennessee Co., Ltd., our consolidated subsidiaries, had applied for and borrowed under the Paycheck Protection Program loan, a U.S. employment-protection policy related to COVID-19. Repayment was forgiven because the funds were used to pay employee wages and other expenses for employment protection, which was a condition for forgiveness of the borrowing.」
The forgiveness of the Paycheck Protection Program loan realized in FY2022-Q2 is reproduced as the result for the same period of the previous year. - FY2022-Q3Cited as achievedAnnual report
「Taiho Corporation of America and Taiho Manufacturing of Tennessee Co., Ltd., our consolidated subsidiaries, applied for and borrowed under the Paycheck Protection Program loan, a U.S. employment-protection policy related to COVID-19. Repayment was forgiven because the funds were used to pay employee wages and other expenses for employment protection, which was a condition for forgiveness of the borrowing.」
Regarding the forgiveness of the Paycheck Protection Program loan realized in FY2022-Q2, the company continues to report in the third quarter that repayment was forgiven and that a ¥423 million gain on debt forgiveness was recognized. - FY2022-Q2AchievedAnnual report
「Taiho Corporation of America and Taiho Manufacturing of Tennessee Co., Ltd., our consolidated subsidiaries, applied for and borrowed under the Paycheck Protection Program loan, a U.S. employment-protection policy related to COVID-19. Repayment was forgiven because the funds were used to pay employee wages and other expenses for employment protection, which was a condition for forgiveness of the borrowing.」
The expected forgiveness of the Paycheck Protection Program loan in FY2022-Q1 was realized, and a ¥420 million gain on debt forgiveness was recognized as extraordinary income in the first 2 quarters of the current fiscal year. - FY2022-Q1First statedAnnual report
「Taiho Corporation of America, a consolidated subsidiary, had received a loan under the Paycheck Protection Program, a lending program for small and medium-sized businesses in the United States. As the subsidiary received notice after the end of its first-quarter accounting period that the debt would be forgiven, it expects to recognize a ¥316 million gain on debt forgiveness as extraordinary income in the second-quarter consolidated accounting period.」
The U.S. subsidiary received notice after the reporting date that its Paycheck Protection Program loan would be forgiven, and expects to recognize a ¥316 million gain on debt forgiveness in the following quarter.