PPP loan entry in QuickBooks
PPP is a great program for small businesses.
A PPP loan journey
- 2020-05-07 filed application via TD bank.
- 2020-05-11 email exchange with TD bank to clarify a few items.
- 2020-05-12 e-signed some documents, loan approved, fund deposited to TD bank account.
- 2020-05-13 loan approved.
- 2020-12-07 SBA PPP Forgiveness Application was successfully submitted to TD Bank.
- 2020-12-16 TD Bank has completed its review of the loan forgiveness application.
- 2020-12-28 The SBA has approved the PPP forgiveness request.
Record the loan
- Create a new liability account PPP and entering the loan amount as the balance.
- Make deposits from PPP to the bank account to which the SBA has deposited the loan.