How To Track Your PPP Loan: Accounting For PPP Loans And Forgiveness
Tracking expenses is an important part of PPP Loan and PPP Forgiveness. In this newsletter, I share a few resources and explain the AdminBooks procedure of tracking our client's PPP loan.
There has been lots of talk in the accounting and banking community regarding tracking the PPP Loan and PPP Forgiveness. We have seen some awesome, complicated and very detailed spreadsheets and procedures. There have been multiple changes to the program and we all feel like we are trying to hit a moving target. So while we are keeping a close eye on the changes that are being made, our goal is to keep things as simple as possible. There is a lot of generic advice that is aimed toward companies that do not have adequate bookkeeping procedures in place or have a very complicated payroll.
If you are an AdminBooks bookkeeping/payroll client you do have detailed bookkeeping procedures in place, we will be able to easily compile lists of transactions and amounts directly from your bookkeeping and payroll records.
If you are not an AdminBooks payroll client, we can give you advice on how to meet the requirements for forgiveness at $250/hour with a minimum charge of 1 hour.
