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SBA EIDG Desposit, anyone else getting it & how should it be treated?

Pop_BookKeeper001Pop_BookKeeper001 Member Posts: 9

Hi all!

I just got a surprise SBA EIDG deposit which wasn't much but seen to be a $1K grant for each employee. So the G in EID(G) is a grant instead of EIDL for Loan. This is my understanding from what a lot of people have been posting on Reddit (I know I know but so far it all lines up) and SBA website but the site is not clear enough as it mentions EIDL Advance and can't specifically find "EIDG" on the website nor have I received any accompanying email or snail mail.

I'm trying to get a hold of the SBA and will be talking to my bank soon but wanted to see if anyone else had info so I can cross-check possible conflicting info.

Also, if a grant, this would be an Other Income correct? Should I just create a COA of "Grant" or "Grant Income"?

edited March 30, 2021 in Accounting Technical Support

Comments

  • ConnorMConnorM Member Posts: 1,229 ✭✭✭

    Hey @Pop_BookKeeper001! I'm thinking that your best bet here is really going to be waiting to hear back from the SBA here - it's not always the easiest/most reliable thing to rely on forums for this type of info! With that said, if you'd heard back since your initial post, I'd love to hear what your findings are!

    As far as the category within Wave, I'm thinking creating a COA entry for Grant Income might be a really good place to do this.

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