Congress has finally passed the long awaited second (or is it third) stimulus bill. And while it is still awaiting presidential signature, the parts affecting small business are not likely to change. In this video I review the new rules regarding PPP forgiveness and taxability, as well as the opportunity for applying for additional PPP funds in the future.
This excerpt is taken from the Steering Your Business through COVID-19 series, Part 5 during which I walk business owners through the accounting issues relating to the PPP Loans granted through the CARES Act. The video addresses how to set up the loan accounts in both QuickBooks desktop software and QuickBooks Online.
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