On August 4, 2020, the Small Business Administration (SBA) released loan forgiveness guidance FAQs for the Paycheck Protection Program (PPP). These frequently asked questions help to clarify several aspects of the program, including timing issues related to payroll and nonpayroll costs, certain other allowable costs, and the calculation of wage-related forgiveness reductions.
CliftonLarsonAllen (CLA) has compiled some of the most helpful information into a recent post (click for the post on their site): Latest SBA PPP Loan Forgiveness FAQs Provide Insight, Though Questions Remain.
In addition, CLA has an excellent article on how to account for the PPP loan proceeds, including information on the various liabilities: How to Account for Forgivable PPP Loan Proceeds.