How to record PPP loan forgiveness in QBO (or any accounting system)

Yay! You got the notice from your bank or the SBA saying the SBA has paid off your loan! WOOHOOO! but how do you account for it? Don't let improper accounting throw off your numbers, get you accidentally taxed too much, or mislead stakeholders! You need to put the PPP loan forgiveness in the RIGHT PLACE in your books, and this video shows you how.
We reference another accounting for PPP video and you can find that link here:
• Accounting for PPP loa...
You can get the free download HERE: claracfo.podia...
Remember that PPP loans are NON TAXABLE for federal purposes, but check with your state to see if you have any tax liability related to PPP forgiveness.
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Hannah Smolinski is a #CPA and the Founder of Clara CFO Group. Find out more about Clara CFO Group at claracfo.com/
Disclaimer: This video is intended for educational purposes and
should not be taken as legal or tax advice. You should consult with your financial professionals about your unique financial situation before acting on anything discussed in these videos. Clara CFO Group, LLC is providing educational content to help small business owners become more aware of certain issues and topics, but we cannot give blanket advice to a broad audience.