Categorizing a Paycheck Protection Program (PPP) loan.
lexxone
Member Posts: 4
I was fortunate to get my PPP loan (Covid-19 business stimulus from the SBA) from my local bank within a week. How should I treat this in my accounting? Even though it is a loan, it will be forgiven since I am using it for payroll. This isn't considered income, is it?
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Hey @lexxone! That's a great question! While we here at Wave are able to provide technical support, since we aren't accountants, we aren't able to provide accounting advice. While we are able to tell you how to do something in Wave, we aren't able to necessarily tell you the right way of doing it when it comes to the principles of accounting. This one might be better asked somewhere like our 'Find a Wave Pro' section!
I just got this today in a Wave email - it answers the question well enough.
Thanks.
https://support.waveapps.com/hc/en-us/articles/360042098632?utm_campaign=COVID Newsletter 2020&utm_source=hs_email&utm_medium=email&utm_content=87070709&_hsenc=p2ANqtz-8kpa-0ZZWszroM_JPm8UaXjAt2cLn_10UHlX-JH91jj7Wx0TgdpRxxpc0n0wODDe4_hMw3NshPYGwMtTica5uAgXeT6c-RBgiXLtuRlkh0Q_zJZuU&_hsmi=87070767