Where to Enter PPP loan

Hey there, Evergreenelite. Welcome to the Community.
 

Now that you've received your Paycheck Protection Program funds you can move forward with tracking how the loan is used in QuickBooks. Under the Families First Coronavirus Response Act (FFCRA), there's a few different types of paid leave:

• National Paid Leave Employee - This is to be used if an employee is sick and under quarantine with COVID-19.
• National Paid Leave Family - Use this when a worker is taking care of a family member who's sick or impacted by COVID-19.
• National Paid Leave FMLA - The employee is taking leave under the Family Medical Leave Act to care for children under the age of eighteen whose school or child care facility is closed due to the pandemic.
• National Paid Leave Health Credits - If you're contributing to an employee's health insurance during the period they're being paid under the FFCRA provisions. This amount can be tracked and a credit will be applied to your federal tax liability.

Once you've determined the type of paid leave to use, you'll need to find the hourly rate. In most cases, you'll pay an employee the same hourly rate that you've paid them over the past six months. However, there's a few exceptions that correlate with the Regular Rate of Pay under the Fair Labor Standards Act (FLSA).
 

Now you'll be able to proceed with setting up an expense account, entering payroll items, and setting up new tax items. You can follow the steps detailed in this article: How to track paid leave & sick time for the Coronavirus
 

I'd also like to leave you with a few resources that may come in handy:

• What you need to know about the Families First Coronavirus Response Act
• How the Coronavirus Aid, Relief, and Economic Security (CARES) Act affects your payroll
• Paycheck Protection Program loan forgiveness
• Intuit Aid Assist - Relief eligibility, loan estimator, and forgiveness calculator

Please don't hesitate to reach out to me if you have any questions. Have a wonderful day!

@ZackE  This is the 2nd time I've seen you give this answer to QB users who state that they are single member LLCs with no employees. The information in your answer does not apply to us and is utterly useless. If QB doesn't have a better answer for single member LLC owners and/or sole proprietors, we can stop wasting time .

Hello, beverly3.

I can assure you the steps provided in my previous response are accurate for how to track the use of Paycheck Protection Program funds within QuickBooks Desktop. In that post, I included a link to our article which details how to track paid leave and sick time for the Coronavirus.

Are you trying to do something else other than tracking the loan in your books? Whatever it is that you need assistance with, the Community is here to help. Please don't hesitate to let us know what you're looking to do.

If you have any questions, I'm just a post away. Have a great day!