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NCET
Level 1

Looking for best way to move and set up PPP Loan.

I run QB Premier Contractor 2019.

I applied for the loan through our main bank, and I need to move the money to our Payroll account which is at another bank. What is the best way to input the deposit for the loan and do the transfer and set up for the loan in our Payroll account.   

 

I have already set up separate Hourly and salary Payroll items marking them as Covid-19 to keep track of the amounts.  

 

If there is anything I missed I would appreciate the help

Solved
Best answer May 05, 2020

Best Answers
john-pero
Community Champion

Looking for best way to move and set up PPP Loan.

1. Cut a check from account ut was deposited into

2. Walk that check across town to the other banking institution. 

3. Record it in QB (Your check written on account 1 can have line item of account 2)

 

As far as keeping track,  you are doing way more than is necessary. The law regarding your PPP loan simply states that you use it for payroll over the next 8 weeks and the government does not care nor will they check that you only use it for worked hours during the 8 weeks.

 

All you need to prove the 8 weeks of payroll is a payroll summary report encompassing the 8 weeks in question. Period. That is it (other than health insurance). These are not specific Covid-19 payroll items, they are simply ordinary payroll runs that you perform over an 8 week period and there is no need that I can tell of segregating such expense from any other payroll (unless you have FMLA leave pay which is entirely different question)

View solution in original post

1 Comment 1
john-pero
Community Champion

Looking for best way to move and set up PPP Loan.

1. Cut a check from account ut was deposited into

2. Walk that check across town to the other banking institution. 

3. Record it in QB (Your check written on account 1 can have line item of account 2)

 

As far as keeping track,  you are doing way more than is necessary. The law regarding your PPP loan simply states that you use it for payroll over the next 8 weeks and the government does not care nor will they check that you only use it for worked hours during the 8 weeks.

 

All you need to prove the 8 weeks of payroll is a payroll summary report encompassing the 8 weeks in question. Period. That is it (other than health insurance). These are not specific Covid-19 payroll items, they are simply ordinary payroll runs that you perform over an 8 week period and there is no need that I can tell of segregating such expense from any other payroll (unless you have FMLA leave pay which is entirely different question)

View solution in original post

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