That’s the suggestion of Marty Abo of Abo and Company LLC, CPAs. He says to set up a separate bank account for PPP funds, or deposit funds into your business savings account and transfer the money to checking and payroll accounts when needed. This will help you track disbursements and be able to show that you meet the 75% test to qualify for loan forgiveness.
Alert: Follow coronavirus-related federal tax changes for your business through the IRS.
