How do I record the payments SBA is making on an EXISTING loan (NOT one of the new disaster or PPP loans)
This does not work! Now they my QBO is totally messed up I am spending hours trying to resolve. IF YOU ARE GOING TO GIVE ADVISE UNDERSTAND WHAT YOU ARE GIVING ADVISE ON! THIS IS WRONG. There are about 20 different ways explained here and almost every one has a counter claim as to what is correct. IS THERE A PROPER WAY to record a SBA long term liability loan that is currently being paid for by the SBA? (Not PPP or EIDL) a previous loan, years prior to covid.
How do I record the payments SBA is making on an EXISTING loan (NOT one of the new disaster or PPP loans)
You guys are making this too complicated. Make a journal entry reducing the total principal for those 6 months, and applying it to Member's Equity accounts.
How do I record the payments SBA is making on an EXISTING loan (NOT one of the new disaster or PPP loans)
@sunpatel Do you mean we should not bother about the interest and the SBA fees paid on behalf of the business, and record only the principal portion?
It would be nice to get an official response from AICPA, therefore I will post the question on my local CPA society because I have a client situation I’m dealing with now about the same issue.
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