PPP, will yours be forgiven?
Your loan MAY be forgiven if you keep all your employees on your payroll for 8 weeks and spend your loan money on qualifying expenses.
Qualifying expenses include:
-Payroll costs (salaries, commissions, or tips ($100k max per employee - gross earnings), employee benefits (vacation, sick leave, health care employees, etc), state and local taxes.
-Interest on Mortgages (for loans incurred pre-February 15, 2020)
-Rent (under lease agreements pre-February 15, 2020)
-Utilities (if service began before February 15, 2020)
*Keep in mind that the Primary goal of the PPP Loan is to be able to keep your employees on payroll.
So, you MUST use at least 75% of your loan toward payroll expenses and the other remaining 25% on the other qualifying expenses.
If you're a company that has received the "Paycheck Protection Program" loan, AKA "PPP Loan," it's important that you track the use of the funds and prepare for the loan forgiveness. Quickbooks is one of the programs that can help you accurately do this.
Stay tuned in our next posts for more PPP Loan information.
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What exactly is a Bookkeeper?
Bookkeepers record financial transactions, and are part of the process of Accounting in every business. Examples of transactions we help record are: purchases, sales, receipts, and payments by an individual person or organization.
Today we are saying thanks. Thanks to all the brave men and women who have fought and continue to fight so that we can have the privileges and freedom we have today.
"May we never forget our fallen comrades. Freedom isn't free."
Happy Friday!
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Don't hesitate to reach out! We are still open for business during this time. That's one of the best things of being able to work remotely any time.
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