Quick Answer: How Do I Check My PPP Loan Spending?

How do I check my PPP loan expenses?

How to track Paycheck Protection Program funds and expensesSetup the PPP Loan Account on the Chart of Accounts.

• This loan is a liability until it is determined how much of the loan will be forgiven.

Create the PPP Bank Account.

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Record the PPP Loan Income.

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Record Expenses.

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Create Reports.

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Can I see who received PPP loans?

You can search by organization, lender, zip code, or business type. … The Trump administration finally released the names of some of the companies that have received PPP loans over $150,000. According to the latest report, the SBA has spent over $5.2 billion and saved 51.1 million jobs.

How do I maximize a PPP loan?

How to maximize PPP loan forgivenessDon’t short yourself on allowable payroll costs. … But don’t go beyond PPP payroll boundaries. … Maintain your staffing. … Avoid drastic pay cuts. … Focus most of your PPP loan on payroll. … Stay within allowable expenses for the rest of your PPP loan amount. … If necessary, forge ahead without loan forgiveness.

What are the rules for PPP loans?

In general, PPP loans are forgivable if your business used at least 60% of the loan for eligible payroll costs over a span of 24 weeks. Non-payroll costs, including mortgage interest, business rent and utilities are also eligible for forgiveness, but the new rules tweak certain eligibility requirements.

Is QuickBooks doing PPP loans?

It is a service offered by Intuit Financing Inc. that gives business loans to eligible QuickBooks users. Also, you can forward your application through an approved SBA Paycheck Protection Program lender if you apply for the loan outside QuickBooks.

How long do I have to use my PPP loan funds?

Expanding to 24 weeks, from eight weeks, the covered period during which PPP loan recipients can spend the funds and still qualify for loan forgiveness. The 24-week period applies to all loans made on or after June 5. Borrowers that received loans before June 5 can choose to elect an eight-week period.

Should you open a separate bank account for PPP loan?

Banks are supportive of this approach and have been helping customers open an additional business account. While a separate bank account is not a requirement of the PPP loan, it will likely be a key element of the borrower’s loan forgiveness plan.

What documents are needed for PPP forgiveness?

To prove payroll costs you’ll need to provide: Payroll service reports documenting wages paid to employee. Federal payroll tax filings (IRS Form 941) Income, payroll, and unemployment insurance filings from your state. Receipts for employer contributions to group benefit plans.

How do you prove PPP forgiveness?

Use the following tips on how to make sure your PPP loan is forgiven to get started:Use it for eligible expenses.Keep your employee headcount up.Don’t reduce an employee’s wages by more than 25%Document everything.Talk with your lender.Apply for loan forgiveness.

How do I keep track of my PPP loan?

Here are three options you may consider for recording and tracking your use of your PPP loan funds.Open a separate bank account for your PPP loan. … Manually track your loan in a spreadsheet. … Track your PPP loan funding and spending in QuickBooks.

Is the PPP loan public information?

Under the agreement, the SBA will disclose the names of businesses who received PPP loans of $150,000 or more. The specific amount of the loans would not be disclosed, but the loan amount ranges would be, as follows: $150,000-350,000.

What companies received PPP loans?

Large companies that got PPP small business loans include restaurant chains like Fiesta Restaurant Group (FRGI), parent company of Taco Cabana, which got $10 million, and RAVE Restaurant Group (RAVE), parent of Pizza Inn and Pie Five, which got $657,000; hotel chains like Braemar (BHR), which got $15.8 million, and Red …

Do PPP loans have to be repaid?

Yes. PPP loans (the full principal amount and any accrued interest) may be forgiven, meaning they do not have to be repaid. If you do not apply for forgiveness, you will have to repay the loan. … Businesses have up to 24 weeks from the date you received the loan to spend the funds and be eligible for loan forgiveness.

Is the PPP loan a long term liability?

For accounting purposes, set up this separate bank account and a PPP note payable in your general ledger. You will record the proceeds deposited into the bank account with an offset to PPP note payable. This is a 2-year loan and it will be considered both a short-term and a long-term debt.

What documentation do you need for PPP forgiveness?

Payroll tax filings (Form 941) Income, payroll, and unemployment insurance filings from your state. Documents verifying any retirement and health insurance contributions. Documents verifying that your eligible interest, rent, and utility payments were active in February 2020.