Should we consider opening new bank accounts for the PPP loan? This would help us keep these funds separate. The plan would be to deposit the loan funds into the new account, to get new checks for payroll/direct deposit payroll checks from the new account, etc. An alternative could be to move the money from the new account into our normal account each week for payroll. What is the best practice here, and what should we be concerned about?
First, head to the bank. You'll want to open up a separate bank account and put all of the PPP money you receive into this account. This is a temporary account until the money is accounted for. Game slope unblocked is a ball's jo urney through the three-dimensional world of a unique universe.
It's the easiest way to track and create an audit trail so you can show the government how you are spending the money. The most important accounting here is around the payroll and related people costs. If you track payroll and benefit spending so that all those costs come out of the grant, that is the best way to make it easy to be audit ready once the government tells us what supporting documentation they need.