EIDL, PPP FUNDS AND ACCOUNTING SOFTWARE
Update: The Graphics have been updated as of 12/30/2020 with the latest information available from Congress & the SBA.
Many businesses have applied for Covid-19 relief with the SBA. The most common being the EIDL and PPP. When business owners get funding the big question is how are the funds recorded in the accounting system.
We have developed an infographic laying out the entry process from beginning to end for both the EIDL and the PPP.
However, recording the transactions in your accounting software is just one step. The next step is to track how the funds are spent. One way to make sure the funds are spent properly for the PPP is to use a cash forecast to project out payroll, rent, and utilities for the eight or twenty four week period. If you are unsure how to go about creating and maintaining a cash flow projection check out our latest training! CLICK HERE TO LEARN MORE! Have questions or like this article, let us know in the comments.
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~ Brandon & Christi are successful business owners who enjoy traveling and making a mess in the kitchen with their two daughters. They reside in the Dallas, TX suburbs and work with businesses throughout the U.S.
The article is for informational purposes only and should not be construed as business, accounting, tax, or legal advice. Details are subject to change without notice.
Copyright © 2020 Brandon & Christi Rains, Rains Group LLC, The Sensible Business Owner – ALL RIGHTS RESERVED
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