Hello..I heard this was the place to be :)

[MrsThunder1]

I'm just looking for some general advice and/or possible approval, guidance over all this Cares act money, PPP loan money, and credit landlords give to tenants re: the covid pandemic...First off I use Quickbooks, we are a small property managment Company..and QB seems to have no idea how to direct their users in loan set up and documentation, and the program itself doesnt help either, so ppl in forums are just trying to help each other... I thought I might try outside the QB forums lol.
Do you guys have a thread already maybe?

 

[MrsThunder1]

You know everyone is doing a separate checking account for the PPP Loans and only some payroll costs are covered..would it not be better to just keep paying payroll through your general account and then transfering over from the PPP acct, the funds that cover what cost are approved? I mean you can code it and track it however you want as long as you can report it when loan forgiveness time comes.. so many questions and I prob should not be doing it in the introduction thread

 

[ChrisC]

You should contact your bank to see if they are approved through the SBA to fund the PPP Loans, if not, find a bank that is. I'm not sure how much funding is left so i would not put this off any longer. This loan was super easy to be approved for and doesn't require any personal guarantees or anything. We were approved and had funding before i was ever prompted by QuickBooks to apply for funding, so i cannot speak for the QuickBooks process.

We had our funds distributed to our normal operating checking account. As long as you can account where the funds were spent, i do not believe it matters where they are distributed. Just make sure you can account for them when you apply for the forgiveness of the loan.

Our CPA handled the application for the EID $10,000 loan so i cannot comment on that process other than it took much longer and while the $10,000 helps, it did not even compare to the amounts we received for our PPP loans.

 

[MrsThunder1]

Wr got our loan today and I think I got a process figured out you know ...I have the map in my head and the knowledge to know what needs to be done...getting the software to comply is where I get stuck hahahaha.

 

[Werner Reisacher]

Watch out for the 75% payroll rule and the definition of the type of expenses for the remaining 25% in order for the loan to qualify as forgivable.

SBA Releases PPP Forgiveness Application and Makes Critical Clarifications and Documentation Requirements | Entrepreneur

There is now improved guidance on calculation methods, definitions of forgivable expenses and the documents that must be submitted with the forgiveness request.

www.entrepreneur.com