PPP loan

6/29/2020

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. 

 In Quickbooks

Record the loan

  1. Create a new liability account PPP and entering the loan amount as the balance.
  2. Make deposits from PPP to the bank account to which the SBA has deposited the loan.

Record the forgiveness.