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Daycare Center and Family Home Forum>PPP Loan Planning
Snowmom 06:44 AM 04-30-2020
If anyone here has gotten a PPP loan, how are you planning on documenting your expenses for loan forgiveness?
How do you prove that you pay yourself?
What if your mortgage is usually paid out of your spouse's account?
Personally: I'm debating if it's worth it for me to accept (IF approved for the 2nd round) or continue with unemployment. This loan forgiveness part is so confusing!!
How do you prove that you pay yourself?
What if your mortgage is usually paid out of your spouse's account?
Personally: I'm debating if it's worth it for me to accept (IF approved for the 2nd round) or continue with unemployment. This loan forgiveness part is so confusing!!
MyAngels 07:13 AM 04-30-2020
I applied and if I do accept it I plan on putting it in a separate checking account and just write checks to myself and for any other allowable expenses with a note on the memo line as to what it's for. I'm going old school in an attempt to have a paper trail 
Annalee 08:53 AM 04-30-2020
Originally Posted by Snowmom:
If anyone here has gotten a PPP loan, how are you planning on documenting your expenses for loan forgiveness?
How do you prove that you pay yourself?
What if your mortgage is usually paid out of your spouse's account?
Personally: I'm debating if it's worth it for me to accept (IF approved for the 2nd round) or continue with unemployment. This loan forgiveness part is so confusing!!
I wondered this same thing and finally told my bank that I was receiving grants elsewhere so I bypassed the sba loan. Just a little over the top for me but I do know of some local centers that the sba loan has benefitted. If anyone here has gotten a PPP loan, how are you planning on documenting your expenses for loan forgiveness?
How do you prove that you pay yourself?
What if your mortgage is usually paid out of your spouse's account?
Personally: I'm debating if it's worth it for me to accept (IF approved for the 2nd round) or continue with unemployment. This loan forgiveness part is so confusing!!
284878 06:28 AM 05-01-2020
If I get the ppp loan, I will max get $922. It will be deposited in my new biz account that I had to set up to apply for the loan. I will be transferring monthly payment to myself, to my mortgage account, to electric company so forth. The bank statement will be what I use to provide proof.