PPP Loan Recipients
Important Information about Forgiveness and Baco Tech
One of the most important elements of PPP loans and CARES Act Relief pertains to the forgiveness of the PPP loans. It is essential that you understand what is allowed spending-wise and that you track this data over the 8 weeks after your loan funding. The Baco Group can help you with your PPP loan tracking and forgiveness data collection with a unique COVID Relief Tracker Tool in Baco Tech, our proprietary software platform that allows you to gather data from your accounting records for all your needs in a more streamlined way. The BaCo Group is offering this at no charge to our existing clients.
In order for the demonstration to be successful, we need you to do the following:
- Make sure your accounting records are caught up. Download bank transactions and credit card transactions and make sure they are coded to proper accounts. You can put the SBA funding in ‘ask my accountant’ for now, and we can help you classify that.
- If you process payroll outside of QuickBooks, make sure to have your payroll reports handy so that we can confirm that gross wages are in a separate account from the company’s portion of payroll taxes, which are handled separately for PPP forgiveness.
- Be sure to maintain utility payment invoices, rental agreements, and any other support for PPP payments made.
- Make sure we have access to your latest accounting file (if you are on QBO or have files on our server, we have access – otherwise you will need to upload a backup copy to our client portal - https://www.bacogroup.com/client-login )
Once your accounting records are updated, contact Colin Riegle to schedule a free demonstration of the platform 214-827-9118.
Time is of the essence when it comes to PPP funding tracking and these forgiveness applications!