Thanks for stopping by the Community. That's an excellent question and you're correct. The payroll summary report will be the one you want to use. Once you've received the loan and are tracking it, everything is business as usual. So when you go to apply for forgiveness, you'll want to use the regular Payroll Summary report.
If you have any other questions or concerns, feel free to post them below. we're here, night and day.
How can we do a report now to find out how many FTEs (full time employees) based on the pay back provisions of PPP so we know how many to rehire and how much to pay them...The report to get the loan s say-but we have 50+ employees . Need an output of employees by work hours and also how much they were paid. This is vital to get through this crises and other payroll companies are doing it for customers.
I'm about to receive my PPP money, on the day I receive the money should I run a unscheduled payroll, and at the end of the 8 weeks should I run another unschedules payroll to make is easy to calculate payroll cost for the 8 week period?
I did not do a special payroll on the front end of our PPP (keep in mind we are very small). Instead, I assumed cash basis is good for the critical cash-flow situation and used the PPP for my first payroll, including about a week of accrued payroll. I then counted how many payrolls I would need to run until the PPP timeline ran out. At the suggestion of my banker, I'm more concerned about the end of the PPP period. It is 8 weeks after you receive the funds disbursement. So you might consider running a special payroll for the end of the period to use up any unspent PPP.
I'm not saying I did this correct but I was not concerned about the accrued payroll being applied to the PPP. Somebody around here might have a different opinion. ??