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[COVID-19] Track expenses to qualify for Payroll Protection Program loan forgiveness
Submit for loan forgiveness during Coronavirus (COVID-19) crisis: Use Expensify to track your business-related expenses
SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
For more information related to the Paycheck Protection Program visit this US Small Business website.
We'll guide you here to easily create these categories to be applied to expenses, SmartScan receipts to be added to a report, and export to provide as eligible expenses.
Individuals and sole proprietors can select the Track plan in order to configure your Individual policy to match your expenses that need tracking.
- Select Track in the Inbox
- Customize your categories to relate to the expenses you'll be tracking
- payroll costs, interest on mortgages, rent, utilities, etc
- Customize your tags for additional classification
- Set Schedule Submit to automatically add expenses to reports
To analyze your expenses to ensure you are on track to have your SB Payroll Protection Loan forgiven 100%, check out our Community How-To page - Expense page filters and analytics.
While there are more features available, this will be all you'll need at this point.