covid-resources

I've seen two types of forms which I believe one of them is for easy and quick submission and the other includes more details. I'd like to make sure my client could claim a larger portion of forgiveness ...
  1. Information directly from the Small Business Administration's site: You (the Borrower) can apply for forgiveness of your Paycheck Protection Program (PPP) loan ... Read more

How do I record the PPP loan and the usage of funds from it on my books. Can you please provide a link backing up your answer as I've had many different versions of how to record and how to ...
  1. Hi the initial PPP Loan should be set up on the balance sheet as a liability. You do not record the usage until you have received notice that the funds have bee ... Read more

Can I deduct my expenses that were paid for by the PPP loan? Please provide a link to a government website confirming you answer as I've had differing opinions. Thank You!
  1. Hi can you be a bit more specific? Which expenses are you referring to? When you apply for PPP loan forgiveness you must indicate how the funds were spent. Your ... Read more

I am a bookkeeper and I have several clients that have received either grants or loans from EIDG/EIDL (Economic Injury Disaster Grant/Loan). I had to do a lot of research online to figure out the differences between ...
  1. Hi, this is a great question as many people have wondered the same thing. The EIDG is the grant portion of the EIDL loan which does not have to be paid back. Th ... Read more

Hi, My firm received an EIDL loan from the SBA due to Covid. I'm wondering: a.) Does that money get marked as part of gross profit and/or income on our books? b.) Does the money we got from the loan count as ...
  1. Hi in most cases there were two parts to the EIDL loan. If you received two deposits the first deposit being between $1,000 - $10,000 and the second the balance ... Read more

I have a business but could not obtain economic stimulus relief loan.  What should I do?
  1. As of April 24, 2020, Congress approved an additional $310 billion in funding to restore the Paycheck Protection Program (PPP) which was quickly exhausted in 14 ... Read more