Bookkeeping Methods for EIDL Improve and you can PPP Funds

Well-done! You simply featured your bank account and you can realized that both the EIDL progress (grant) to possess $ten,000 and PPP loan to have $one hundred,100000 was in fact funded today. The tough area is over! Or is they? Now is additionally the conclusion this new month, so that you must get together again your bank account and blog post the latest entries for this activity. But what will be diary records to number these types of deals? Listed below are all of our demanded strategies and journal records so that the proper revealing treatment for this type of money, according to research by the issuance of loan, forgiveness of your own financing, and you may recording away from expenditures linked to the borrowed funds. Here are particular dialogue and you will ideal entries having GAAP foundation economic statements.
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