How to Account for your PPP Loan to Maximize Forgiveness- Sole Prop and Corps – My Recommendations
How do you account for your PPP loan? Are you a sole prop or a corporation? Do you have a separate business bank account or not? Do you have an accounting system or not? All of these things should be taken into consideration when accounting for your PPP loan.
When you go to apply for forgiveness of your PPP Loan, you want to make sure your documentation is on point. Accounting for the PPP loan will help you make sure your documentation is as clean as possible!
My recommendations are tailored to your business situation. Some people need a separate bank account and some won't! So it's the classic "it depends" answer for those of you who have been asking!
Send this video to your bookkeeper!
We touch on taxability of the expenses in this video, so make sure you watch this one: https://youtu.be/wX03H1nveek
Also, make sure you review the documentation recommendations that have been given: https://youtu.be/6tlCbJaoDPo
Disclaimer: This video is intended for educational purposes and should not be taken as legal or tax advice. You should consult with your financial professionals about your unique financial situation before acting on anything discussed in these videos. Clara CFO Group, LLC is providing educational content to help small business owners become more aware of certain issues and topics, but we cannot give blanket advice to a broad audience.