Pearls for Handling PPP Loans
In the third video blog post Dr. Evans touches on PPP loans. He reminds us that PPP loans can only be used for certain purposes – payroll, rent, mortgage, utilities and so forth. The easiest way to show the SBA that you are using the loan properly so that you can have the loan forgiven, is to place the funds in a separate account and avoid co-mingling them with other funds. For example, when it’s time for payroll, transfer the money from the separate account to the primary account; this way you have a specific ledger showing how the loan is being used rather than having it co-mingled with other outlays.
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