Your step by step information on how to setup the accounts for receiving the PPP loan were spot on. I followed your steps completely and the loan is set up in the two accounts. I did get my application to forgive the loan, submitted it and in a week or so (back in April) my bank dropped the loan from my online banking accounts. I have heard nothing more from the bank (no messages or letters actually saying the loan has been forgiven). I am only assuming the loan was forgiven because it no longer shows up in my business accounts online.
Anyway, I tried to follow others on this site about how to enter the loan forgiveness but no one is as detailed for each step to get to the proper chart of accounts setup and actual input (like suggestions on what to name account). Can you please give specific detailed instructions on how to set up the forgiveness account and how to enter the forgiveness into that account. Thank you so much - this is all too confusing to me.
