FFCRA and CARES Acts including the PPP

Hi there, karenhvah.

I'm happy to show the necessary steps to take to track your PPP loan so you can be prepared for loan forgiveness. Follow along below:

One of the main components of the Paycheck Protection Program is to help employers continue to pay or re-hire their employees. As you use your PPP funds, continue to run payroll and pay your employees.

Track what you spend on other eligible operating expenses:

You can track what you spend on other eligible operating expenses by recording expenses, checks, or bills as you normally would. Just make sure you're properly categorizing them.

1. Go to the + New icon and select Expense, Check, or Bill.
2. In the Payee field, enter the business or person you bought the expense from.
3. Fill out the Payment account fields.
4. Then the Payment date and Payment method fields..
5. (Optional) You can use the Ref no. field to enter an identifying number from the purchase receipt.
6. Give the item a name, and from the Category ▼ drop-down, select the right expense category.
7. Enter the full amount of the item in the Amount field.
8. Select Save and close.

Run a report to see how much you’ve spent:

1. Go to Reports and select Profit & Loss.
2. On the Reports period ▼ drop-down, select Custom. Enter your covered period:
   - First date: the day your lender sent you the funds.
   - Second date: 8 weeks after your lender sent you the funds.
3. Select the Customize button.
4. Select the Change columns link found under the Column drop-down.
5. After the Change column expand opens, select % of Column checkbox.
6. Select the Filter drop-down, select the Distribution Account checkbox.
7. Select all the categories that you’ve spent money on ( it’s okay if you select all the categories), and select Run report.
8. Select the Save customization button, give your report a name, and select Save.

Now that you're set up to track your PPP loan, check out this helpful article about Tracking how you use your Paycheck Protection Program loan. It lists the steps I've provided above, as well as some additional information. I also suggest checking out this article, it highlights what you need to do to prepare for loan forgiveness. 

If there's anything else I can help with in the meantime, feel free to post below. 

Thanks for your time and patience, have a lovely weekend.