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On Saturday, July 4, 2020, President Donald Trump signed a new law extending the deadlines for applying for the Paycheck Protection Program (PPP) loan from June 30 to August 08, 2020. Besides the PPP application date extension, there are some other updates: 1. For people who received the loan before June 05, 2020, you can choose the applicable covered period for your loan (8 weeks or 24 weeks) 2. For people who received the loan after June 05, 2020, you are required to use a

On June 5, 202, the Paycheck Protection Program Flexibility Act (PPPFA) was signed into law. The PPPFA makes a handful of significant changes to Paycheck Protection Program (PPP). This could be impactful for businesses facing challenges in complying with the previously existing rules relating to PPP loan forgiveness. The key changes implemented by the PPP Flexibility Act are outlined below. You may also like Paycheck Protection Program (PPP Funds) – Which way to record proper

Now, we hope that you have received PPP funds to support the business. It is time to think about what you should do after receiving the money. In this article, we will not go over who is eligible for this loan or how to apply this. Instead, we investigate the method of tracking the PPP funds in the QuickBooks Software. Before dealing with the amount, make sure you get the nature of the PPP fund. Paycheck Protection Program is a loan designed by SBA to support small businesses

1. Review the Requirements of PPP Congratulation! You got PPP loan for your business. Before using, let’s review all the requirements to make this loan forgiven: Payroll costs are the main cost eligible for the forgiven under the PPP which accounts for 75% of the loan amount. However, make sure you take note on which payroll costs are eligible and which are not: Payroll Expenses that are acceptable for loan forgiveness: According to the recent SBA guidance, payroll cost inclu