Once you have applied and been approved for your Paycheck Protection Program Loan (PPP), your attention needs to be turned towards tracking the receipt and subsequent disbursement of the funds.

We recommend establishing a new bank account for these funds. Money Market or Savings accounts will be the quickest and easiest types to open. You can also use your existing money market/savings accounts if you move all your money over to your checking account before receiving the PPP loan funds. 

The PPP loan can be used towards payroll, rent, utilities and interest expense from other secured loans. The easiest way to pay for and track these expenses is to transfer funds from the new account to your checking account to “reimburse” yourself for these payments. It will be important to note in the transfer memo the purpose for which the funds were used (ie. 4/30 payroll, May rent, etc.).

We hope you find this tip useful and please continue to reach out to us with any questions.  Stay Healthy!

David Piscorik, Partner – Business Resource Group