You Are Awarded a PPP Loan: Now What?
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The document provides accounting steps for a Paycheck Protection Program (PPP) loan. It outlines that PPP loans must be spent on approved expenses with at least 75% going towards payroll and the remaining 25% on utilities, rent, mortgage interest. It details 5 steps: 1) Deposit the PPP loan in a separate bank account. 2) Record the loan as a short-term liability. 3) Record expenses as usual and transfer funds from the PPP account. 4) Keep expenses separated and documentation together. 5) Once funds are used, apply for forgiveness and adjust the liability to income when forgiven. Any uncovered expenses paid with the loan will not be forgiven.
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Tax diversify your retirement income
The Tax Diversify Your Retirement Income with Life Insurance sales presentation will help you understand the importance of tax diversification and the benefits that a Custom Whole Life (CWL) policy can provide. In addition to the traditional benefit of death benefit protection, the cash value of the CWL policy accumulates tax-deferred and can generally be accessed on a tax-free basis*.
Use the concept presentation and other materials to discuss how life insurance not only provides death benefit protection, but can also be a tax diversification tool.
Contact me if you would like to discuss
*The cash value is accessed through policy loans, which accrue interest at the current rate, and cash withdrawals. Loans and withdrawals will decrease the total death benefit and total cash value. The supplemental retirement income is not guaranteed.
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You Are Awarded a PPP Loan: Now What?
- 1. QUANTUM CPAS & ADVISORS, PLLC YOU ARE AWARDED PPP LOAN: NOW WHAT? Accounting Steps
- 2. Approved Expenses PPP Loans received must be spent as such 1) At least 75% on payroll including benefits a. Salary, wages, commissions, or tips (capped at $100,000 on an annualized basis for each employee) b. Employee benefits including costs for vacation, parental, family, medical, or sick leave; allowance for separation or dismissal; payments required for the provisions of group health care benefits including insurance premiums; and payment of any retirement benefit c. State and local taxes assessed on compensation d. For a sole proprietor or independent contractor: wages, commissions, income, or net earnings from self- employment,capped at $100,000 on an annualized basis for each employee 2) the remaining 25% on utilities and rent/lease/mortgage interest payments
- 3. The Steps STEP 1 Deposit the PPP Loan in a separate bank account to easily track. You don’t have to do this, but it would make things easier. STEP 2 Record the Short -Term Liability for PPP Loan STEP 3 1) Record the expenses as usual 2) Transfer funds from the PPP Bank account to operating 3) Do not combine payroll & other expenses- Keep them separated for better audit trail 4) Keep Supporting documents in one place
- 4. The Steps STEP 4 Once the funds are used up apply for forgiveness of the loan STEP 5 When the loan is forgiven adjust the balance of the short-term liability account to Income accoount. NOTE Any uncovered expenses paid with PPP Loan will not be forgiven.
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