Skip to main content
FDIC-Insured - Backed by the full faith and credit of the U.S. government
Menu
Fulton Bank
FDIC-Insured - Backed by the full faith and credit of the U.S. government
Fulton Bank
Home / Education / Small Business / Record keeping tips

INFO :

Our offices will be closed on Wednesday, December 25 in observance of Christmas Day. Happy Holidays from the Fulton Family. 

Record keeping tips for your business and the Payment Protection Program

As a small business owner, you’re often juggling multiple roles – from marketer to bookkeeper. While the administrative tasks aren’t always the most fun part of owning your own business, they are one of the most important. Particularly if you’ve recently received a Payment Protection Program (PPP) loan and want to apply for loan forgiveness.

Record-keeping tips

For PPP, the SBA recently released a Loan Forgiveness Application and also provides answers to FAQs on their PPP dedicated site.

Here are some other suggestions to consider:

1. Coordinate with your accounting professionals. Whether you employ a part-time bookkeeper or retain a certified public accountant, a knowledgeable professional can act as a point person to manage or oversee your PPP record-keeping and stay in touch with your lender.

2. Open a new dedicated PPP bank account. Keeping your PPP funds in a separate account rather than commingling them with other funds may make record-keeping easier.

3. Set up a system to track PPP expenditures. Use an accounting system like Quicken or FreshBooks, or spreadsheet software like Microsoft Excel or Google Sheets.

4. Track how much, when, and why. Make a record of the amount, date, and PPP-allowed purpose of each expenditure of your PPP funds. Remember that funds must be used within eight weeks of the date your loan was funded to qualify for loan forgiveness.

5. Set up proper controls. Use proper accounting controls, such as two authorized signatures for large transactions or a PIN for a debit card, to help protect against fraud.

6. Consider using a payroll service. A third-party payroll service that's up to speed on the PPP rules may be a smart investment to help you manage your record-keeping tasks.

7. Keep copies. Set up files to hold paper copies of pay stubs, mortgage statements, rent checks, utility bills, and other documents related to your PPP expenses. You may not need all of this paperwork, but it could prove helpful to have.

PPP loan forgiveness isn't automatic or guaranteed. Businesses that intend to apply or haven't yet decided whether to do so should make record-keeping a high priority. The good news is creating good record-keeping habits now will only continue to help your business in the future.

 

 

Small Business New business COVID-19

Did you find this article helpful?

6
2

You Might Also Be Interested In

Visit Us Locate a Financial Center Find a Financial Center Visit Us Locate a Financial Center Find a Financial Center Message Us Visit the Contact Us Page Get in Touch Message Us Visit the Contact Us Page Get in Touch Call Us 1-800-385-8664 Phone Directory Call Us 1-800-385-8664 Phone Directory Meet with Us Book an Appointment Schedule Appointment Meet with Us Book an Appointment Schedule Appointment

Bank Find
This bank is insured by the Federal Deposit Insurance Corporation. The FDIC Certificate ID is 7551. Click on the certificate ID # to confirm this bank's FDIC coverage using the FDIC's Bank Find tool.

EDIE
EDIE lets consumers and bankers know, on a per-bank basis, how the insurance rules and limits apply to a depositor's accounts-what's insured and what portion (if any) exceeds coverage limits at that bank. Check your deposit insurance coverage >>

IMPORTANT:

You’re going to a webpage offering non-deposit products. Securities and Insurance products are not insured by the FDIC; are not deposits; and may lose value.
Continue Go Back