Quick Answer: Is QuickBooks Doing PPP Loans?

How do I categorize a PPP loan in QuickBooks?

PPP Loan Account SetupGo to the Lists menu and select Chart of Accounts.Hit the Account drop-down, then push New.Choose Other Account Types, and then Other Current Assets.Press Continue and enter the account name.Click Save and Close..

How do I apply a PPP loan to QuickBooks desktop?

Go to the Employee menu, then Payroll Center, and select the Update application button found on the Your PPP Loan modal.If prompted, sign in to your account using your Intuit Account you use for your company.Select the Tell me more button, and select Continue.More items…•

How do I track a PPP loan in QuickBooks?

QuickBooks DesktopGo to the Reports menu, then Company & Financial.Select Profit & Loss Detail.Select Customize Report.From the Display tab, select the From date to match the date you received your PPP funds, and set the To date to 8 or 24 weeks after.Under the Display tab, select the ‘Report Basis’ as Accrual.More items…•

Is PPP loan money still available?

Current law dictates that the Paycheck Protection Program (PPP) close at the end of August 8, 2020. As such, SBA is no longer accepting PPP applications from participating lenders.

How can I get my PPP loan forgiven?

Use the following tips on how to make sure your PPP loan is forgiven to get started:Use it for eligible expenses.Keep your employee headcount up.Don’t reduce an employee’s wages by more than 25%Document everything.Talk with your lender.Apply for loan forgiveness.

Is there a deadline to apply for PPP loan forgiveness?

Borrowers may submit a loan forgiveness application any time before the maturity date of the loan, which is either two or five years from loan origination. … For example, a borrower whose covered period ends on October 30, 2020 has until August 30, 2021 to apply for forgiveness before loan repayment begins.

How do I check my PPP loan spending?

How to track Paycheck Protection Program funds and expensesSetup the PPP Loan Account on the Chart of Accounts. • This loan is a liability until it is determined how much of the loan will be forgiven. … Create the PPP Bank Account. • … Record the PPP Loan Income. • … Record Expenses. • … Create Reports. •

What qualifies as utilities for PPP?

UTILITIES. Utilities are the last qualified expense under the PPP program. These are described by the SBA as phone, internet, gas, water, electricity, etc. Similar to previous qualified expenses, it is important that these service contract agreements predate February 15, 2020.

How do I book a PPP loan?

To properly account for the PPP loan, we suggest creating a “PPP Loan Payable” account on your trial balance to record the liability you assume upon receipt of your loan proceeds. This loan will remain a payable until either the bank provides a notice of forgiveness or principal payments are made.

Does QuickBooks do PPP loans?

Since April, we’ve enabled the funding of over 33,000 Paycheck Protection Program (PPP) loans. However, you can no longer apply for a PPP loan within QuickBooks Capital. The program, which is part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, ended August 8, 2020.

Is QuickBooks an SBA lender?

QuickBooks Capital is a non-bank SBA-approved lender for the Paycheck Protection Program.

What documents do I need for PPP loan forgiveness?

For the payroll portion of your PPP loan, you will need to provide documents from your payroll provider and proof of paying employment taxes with IRS and state forms. Eligible payroll costs include salaries and wages, health benefits, and paid leave (i.e. vacation, parental, family, medical, or sick leave).

How do you account for the PPP loan?

For example, your liability account could be called a PPP Loan Payable account. Whatever accounts you decide to use, debit your bank account for the amount of the loan and credit your liability account for the amount of the loan. If you separate funds, your bank account will be a special PPP loan bank account.

Is Intuit still accepting PPP applications?

As of July 1, 2020, QuickBooks Capital is not accepting PPP loan applications. We are working on a PPP loan forgiveness application experience and will notify you when available. QuickBooks Capital is licensed as Intuit Financing Inc. (NMLS # 1136148), a subsidiary of Intuit Inc.

Can I apply for PPP directly with SBA?

You can apply for your PPP loan through any of the 1,800 participating SBA approved 7(a) lenders or through any participating federally insured depository institution, federally insured credit union, and Farm Credit System institution. … 4 Only apply by first going to the SBA website.

Can I apply for a PPP loan online?

You can apply online in minutes and get the relief funding you need as soon as possible. Both existing customers and new customers are welcome to apply. If you’re concerned that funding for PPP will run out, they also provide other small business loans that may be a better option for you.

What is forgivable under PPP?

What is a forgivable loan? Loans can cover: Payroll costs, including salary wages, commissions or tips (capped at $100,000 for each employee) Employee benefits, health premiums and retirement benefits. Vacation, parental, family, medical, or sick leave.

Should I open a separate account for PPP?

For many PPP borrowers, it will be key to have two items in place: a strong tax professional and a separate bank account to hold the PPP funds. It has become clear during the PPP loan process that having a strong tax professional helping with the application makes a difference.