2 – Recordkeeping

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Recordkeeping is always important, but current factors – like loan forgiveness – make it that much more important to stay on top of. Begin by reviewing the questions below and then the topic-specific resources.

  • Have you considered what accounting system you are going to use to continue to keep your financial records up-to-date? Do you need to upgrade to QuickBooks or a similar platform?
  • If you have accepted either a grant or forgivable loan funding, do you have a full understanding of the documentation and reporting guidelines? Check out the webinars listed below.
  • Do you have an offsite back-up of all of your records and important documents/information?

Recordkeeping-related resources:


The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 60% of the forgiven amount must have been used for payroll).

There are two forms available for borrowers to use to apply for forgiveness, Form 3508 and the Form 3508EZ.

Borrowers can use the new EZ application if they meet the following requirements.

    • “Are self-employed and have no employees; OR”
    • “Did not reduce the salaries or wages of their employees by more than 25%, and did not reduce the number or hours of their employees; OR”
    • “Experienced reductions in business activity as a result of health directives related to COVID-19, and did not reduce the salaries or wages of their employees by more than 25%.”

Form 3508
PPP Loan Forgiveness Application Instructions
PPP Forgiveness Worksheet With Safe Harbor Test
PPP Loan Forgiveness Application (Revised 6.16.2020)

Form 3508EZ
PPP Loan Forgiveness EZ Application Instructions (Revised 06.16.2020)
PPP Forgiveness Worksheet for the EZ Application
PPP Forgiveness Application 3508EZ (Revised 06.16.2020)

Topic: Payroll Protection Plan (PPP) Loan Forgiveness

Summary: Payroll Protection Program (PPP) Loan Forgiveness Explained

Key Learning Objectives and Actionable Insights:

    • Application Overview
    • Schedule Completion
    • Application Completion
    • Safe Harbor Tests
    • Other Tips and Considerations

Presentation slides

Introduction – (1 min)

Why is record keeping for loans and awards important? – 1:07 (4 min) 

Things you need to do to make your business creditworthy – (2 min) 

Documents you will need to keep on file for your digital records – (5 min)

  • Financial documents – (1.5 min)
  • Payroll documents – (1.5 min)
  • PPP Loan Forgiveness/other award documents – (2 min)

Resources – (1 min)

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