Accounting for COVID Grants and Loans
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 these two. I want to make sure I am accounting for them both correctly and accurately for year end. How should the grants be setup versus the loans within the chart of accounts? Additionally, how does this work for the PPP Loan?
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