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Arianna09
Level 2

Payroll costs during PPP Loan covered period is more than the loan. Do I enter total payroll for the covered period or just the amount of the loan?

Also, should I choose the longest covered period possible or just the eight weeks since it was used by then. Thank you!
1 Comment 1
Joesem M
Moderator

Payroll costs during PPP Loan covered period is more than the loan. Do I enter total payroll for the covered period or just the amount of the loan?

Hello there, @Arianna09.

 

You can enter the payroll costs during the covered period. However, I'd suggest consulting your accountant or tax advisor before entering it to make sure your books are accurate.

 

Also, in addition to expenses that were paid in the 8-week or 24-week covered period, expenses incurred during the covered period and paid on or before the next regular billing date, even if the billing date is after the covered period, are eligible for forgiveness.

 

 In case you need further assistance with your PPP loan, you can contact our PPP Support Team. To reach them, you can go to the PPP center of your product and select Live Chat. Here's how:

 

  1. Log in to QuickBooks Online. 
  2. Select the Capital tab on the left menu.
  3. Select the green Live Chat button in the bottom right.

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It can also be accessed by selecting the notification in your Payroll Center for each company file that has a loan.

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Alternatively, you can use this direct chat link to connect with our PPP support.

 

Once resolved, you view the articles, I've shared above on how to reconcile your account in QuickBooks.

 

Meanwhile, you'll want to visit our microsite to keep up with the recent PPP updates and its FAQs:

 

 

If you have any other QuickBooks concerns, please let me know. I'd love to help. Take good care.

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