Best Tutorial How to Record PPP Loan Forgiveness in QuickBooks?
Found within the Capital tab of QuickBooks Online, the Paycheck Protection Program Center operates as the primary source for accounting professionals and small businesses to find PPP related information. The center allows users to track expenses, estimate forgiveness, generate PPP-specific reports to support forgiveness applications and find answers to commonly asked questions.
In order to protect them, the government introduced the Paycheck Protection Program. It was introduced under the Coronavirus Response and Relief Supplemental Appropriation Act of 2021 and was meant to provide small businesses with funds to pay the payrolls for up to 8 weeks.
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Uploads may contain up to 25 files and must not exceed the total upload limit of 50 MB. New to Intuit’s QuickBooks is the Paycheck Protection Program Center, and the latest update adds a loan forgiveness estimator and PPP-specific reports to QuickBooks Online, among other tools. 7010, the Paycheck Protection Program Flexibility Act, which would allow small businesses more leeway on how to spend PPP loan money. The House bill lowers to 60% the current requirement that 75% of the loan be used on payroll and gives borrowers up to 24 weeks to use the funds, up from the eight set in the initial bill passed in March. About six million small businesses use QuickBooks for their accounting, and 1.4 million of those businesses use QuickBooks for their payroll.
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Voiles said figuring out how to use the loan is the hardest part for most businesses and noted that many customers are sitting on the money because they’re uncertain on what it will take to get forgiveness. At quickbooks ppp loan forgiveness application Intuit, the same team that worked on their user-friendly PPP application is working on creating easy forms to apply for forgiveness, whether a small business got the loan through Intuit or another lender.
- Examine all of the information you provided on the application form.
- The payroll solutions company appointed John Gibson as its new president and CEO.
- In today’s article, we will talk about how a user can record PPP loan forgiveness in their QuickBooks Desktop.
- Now you are well versed with the steps of accounting for PPP loan forgiveness in QuickBooks online.
If you have employees, your loan forgiveness amount may be reduced as a result of reductions to employee headcount or wages. These reductions apply to borrowers that received a PPP loan of more than $50,000, or that together with their affiliates received total first draw loans or total second draw loans of $2 million or more. Please review SBA and Treasury guidance and the specific instructions for the forgiveness application form you are using to understand when these reductions apply. This article focuses on the standard PPP Loan Forgiveness Application.
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Now you are well versed with the steps of accounting for PPP loan forgiveness in QuickBooks online. QuickBooks provides the best quality virtual bookkeeping software by working efficiently with accepted accounting principles and making the financial lives of small business owners more manageable and effective. QuickBooks® customers who received their first Paycheck Protection Program loan of $150,000 or less through QuickBooks Capital in 2020 can now access their online loan forgiveness application experience.