PPP loan - Hong

6/29/2020

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.

In Quickbooks

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.