FFCRA and CARES Acts including the PPP
"How do I enter the PPP loan into my deposit?"
More guidance/clarification is needed on this issue. For now, the deposit goes to the PPP Loan Short term account in QBO.
I would create two new accounts:
1) PPP Loan Short Term - Bank Name (e.g. Chase)
2) PPP Loan Long Term - Bank Name (e.g. Chase)
See the screenshot below for reference.
#1 could turn into a grant loan (Forgiveness of loan)
#2 remaining balance would be a 2-year loan
Again, more guidance is needed in this area later.
