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What records do I need to maintain?
  • Payroll report for your entire 8- or 24-week covered period which shows the name of each employee, pay periods, pay dates, gross wages paid, and net pay
  • MoFi Tip: Almost all third-party payroll providers have created a Small Business Administration-specific report just for PPP forgiveness! In QuickBooks, this feature is called the PPP Cash Compensation Report. You can create this report for your business by navigating to ‘Reports’ and scrolling to the bottom of the list.
  • Bank statements confirming you disbursed the payroll
  • If you paid yourself with owner draws, please make sure to provide both business and personal bank statements showing the draw from your business and subsequent deposit to your personal account.