Using QuickBooks to track your client’s Paycheck Protection Program loan

Note: Paycheck Protection Program (PPP) borrowers may engage the services of an accountant to track the use of their PPP funds. However, only the borrower or an authorized representative who is legally authorized to make certifications on the borrower’s behalf may submit an application for loan forgiveness. Accountants should be aware of this limitation and ensure that an authorized representative of the borrower understands his or her obligation to complete, review, and certify to the contents of any loan forgiveness application.

The information contained in this guide applies to certain small businesses and other eligible organizations that have received PPP loans. For example, if a PPP loan recipient filed or will file a 2019 IRS Form 1040 Schedule C, other rules apply.

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.

This information is provided as a courtesy. Nothing in these materials is intended to, and does not, create an agency relationship with Intuit® Financing Inc. (d/b/a QuickBooks Capital), or any right to fees from QuickBooks Capital for any services you may provide to borrowers. QuickBooks Capital will not compensate any person or entity assisting a borrower without first having executed a written compensation agreement with both the borrower and agent, and by providing this information, QuickBooks Capital does not agree that it will enter (or has entered) into any written compensation agreement with any person or entity.

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