PPP Loan Update - PPP Forgiveness Explained and PPP Quickbooks Accounting Tips

Описание: This is a video breaking down the Paycheck Protection Program (PPP) Loan as of May 15, 2020. This video addresses the PPP Loan, how to obtain forgiveness, and offers tips on what to do in quickbooks to account for the PPP activity in an organized manner.

This video addresses the following issues related to the PPP Loan:

1. Basics to Loan Forgiveness
2. Detailed Breakdown of Full Time Employee Criteria
3. Quickbooks tips

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I hope this video provides you with helpful information related to the PPP Loan. Information is subject to change daily!

Please check out my videos regarding the stimulus check, an unemployment update and how to save money during this difficult time.

THANK YOU SO MUCH TO EVERYONE THAT HAS SUBSCRIBED. More helpful information to come!


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Here are some helpful links:
1. irs.gov/coronavirus
2. AICPA Links: https://www.aicpa.org/content/dam/aic...
3. AICPA Link: https://www.journalofaccountancy.com/...
4. Desktop Quickbooks - https://quickbooks.intuit.com/learn-s...
5. Online Quickbooks - https://quickbooks.intuit.com/learn-s...

How to Calculate FTE (5 Steps)
** Please note that the SBA has not yet released details on the FTE calculation. The above is based upon FTE Calculation used for other tax matters and is subject to change. Ultimately, please consult with your PPP Vendor for guidance on what they consider an FTE **
A. Obtain monthly payroll reports showing hours by employee
B. For each month, identify all employees whom have over 30 hours per week (if there were two bi-weekly or 4 weeks’ worth of pay in the month – this would be 120 hours). Each of these employees will count as 1 FTE
C. For each month, add the hours of all employees who had less than 30 hours per week (120 hours in the month in the example above)
D. Divide the number of hours in Step (C) by 30 hours per week (120 hours in example above)
E. Add result of Step (B) and Step (D) – this gives you the total FTE


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This information is for informational purposes only! You make your own decisions.
Johnny Reliable and affiliates and related parties do not provide tax, legal or accounting advice. This material is prepared for informational purposes only, and is not intended to provide, and should not be relied on for tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction.