There is a lot of confusion around the federal loan programs that are currently available, particularly the PPP loan, and Backyard Bookkeeper would like to bring some common sense to the table.
The first point that needs to be made is everything around the Payroll Protection Program has been evolving from the moment it launched. Even now that we are well into our second round of funding, the situation continues to evolve. We still don’t know what paperwork or documentation will be required to submit to qualify for the loan forgiveness.
Until those regulations are clarified and the forgiveness process is laid out officially by the SBA, the best we can do is follow the rules that have been issued and keep meticulous records so we can produce documents when they are required. Here is Backyard Bookkeeper’s guidance on the matter: