A surprisingly large percentage of Arizona charter schools used the Paycheck Protection Program, bolstering operating performance and liquidity. Liz Sweeney, Chief Data Consultant for School Improvement Partnership conducted a study of 60 Arizona charter schools and charter school networks, covering more than 150 schools, that have issued debt in the municipal bond market. But this unique forgivable financing vehicle caused headaches for their accountants and auditors. Are Paycheck Protection Program loans debt? grants? revenue? contributions? Read on to find out...