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Another PPP Simplification

On October 8th, the SBA released Form3508S, to be used by employers whose PPP loans were $50,000 or less. This form asks for your verification that all of the funds were used for forgiveable expenses, but no numbers are required. It is not yet clear whether individual banks will have additional requirements for documentation. If… Read More »Another PPP Simplification

PPP Forgiveness Updates

On June 5, the Paycheck Protection Program Flexibility Act was signed into law, extending the time period during which employers have to use the funds and have their loan forgiven. When the PPP was originally designed in March, the expectation was that businesses and organizations would be back to full operation by the end of… Read More »PPP Forgiveness Updates

SBA PPP Loan Bookkeeping

The SBA’s Paycheck Protection Program works through local banks to support small businesses and non-profits with a forgivable loan to cover eight weeks of payroll, rent and utilities.  Each recipient will be required to document the use of the funds in order to seek forgiveness of the loan.  Step-by-step instructions for QuickBooks entry simplifies the reporting:… Read More »SBA PPP Loan Bookkeeping