Using QuickBooks to track your client’s Paycheck Protection Program loan
Now that your client has received a Paycheck Protection Program loan under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, you can help them keep track of that loan in QuickBooks® Online and prepare to apply for loan forgiveness. QuickBooks ProAdvisors® and Intuit® Trainer/Writer Network members Alicia Katz Pollock and Megan Genest Tarnow share best practices to help set you and your clients up for success. Check back regularly for updates and additions to the guide.
Note: The information contained in this guide applies to certain small businesses and other eligible organizations that have received Paycheck Protection Program (PPP) loans. For example, if a PPP loan recipient filed or will file a 2019 IRS Form 1040 Schedule C, other rules apply. Information current as of May 12, 2020.
Regulations and guidance from the SBA and the U.S. Department of Treasury on the PPP are evolving rapidly and the below information may be outdated. Please refer to the latest guidance from SBA and Treasury to confirm current program rules and how they apply to your client’s particular situation.