PPP Question - Payroll Date vs Funds Withdrawal Date
Finally received PPP funds on May 1. Yay! Payroll date is also May 1 but funds were deducted from my bank account on 4/30 via QB payroll. Does anyone know which date I use for tracking? If it's considered the day funds left my account (4/30) then I lose an entire pay period from my PPP expenses.
You can use the payroll expenses from that date given by the IRS, but moving forward, I recommend reaching out to an accountant if you're concerned about the dates you want to apply the loan to for your payroll. They'll be able to help you determine what's best for your books.
For additional information on the PPP loan application, here are several helpful articles: