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May 12, 2020

How To Ensure Your PPP Loan is Forgiven

Hilary Smith

The Paycheck Protection Program (PPP) authorizes up to $659 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis.

Note: In March, 2021, Roger officially changed its name to Corpay One. Our features and functionality have not changed. To learn more and understand the change, read more.

The Paycheck Protection Program was introduced to keep businesses and their teams afloat during COVID-19, but there are strict processes to follow.

The loan is intended to cover payroll costs, mortgage interest, rent and utility costs over the eight-week period after the loan is made.

But, and this is extremely important, loans will not be forgiven unless every expense is tracked.

If your business is struggling to stay afloat, and relying on the PPP loan to make it through the pandemic, something as simple as missing documents can jeopardize the future of your business.

Stop relying on paper

Without an actual copy, digital or on-paper, of an expense, it can't be tracked as part of your PPP expenses.

That means, if you're working with a property manager or utility company who typically sends bills to your workplace and you aren't currently able to access your workplace due to the pandemic, you increase your chances of losing track of those essential documents.

The answer? Stop relying on paper.

With Roger, we eliminate the need to handle paper expense documents. That means reducing the chances of losing documents or, entering the wrong information when manually entering data from bills and receipts.

Your suppliers or vendors, like your mobility company, can send your monthly bill directly to your unique Roger Address, rather than sending it to a physical location. You can also add everything to Roger yourself in a fraction of the time it typically takes to scan bills and receipts.

Roger's Mobile App and easy-to-use online dashboard make it easy to keep track of every document. Plus, everything in Roger syncs to your accounting system through our library of reliable, rigorously maintained system integrations.

Wait, who is Roger?

It's not who, but what. Roger is a global payments and accounting automation platform.

Roger was founded in 2016 with the goal of taking tedious, manual finance tasks (you know, the ones that slow you down) and automating them. Our customers put their trust in Roger to automate their bookkeeping tasks and optimize internal processes, like expense management, reimbursements and cash flow and paying vendors - hands-free!

If your workplace is shut down due to COVID-19, Roger is a necessary tool for making remote work run smoothly.

We help you run every accounts payable, bookkeeping, approval and expense data entry process remotely - and faster.

At the end of the day, we want to help you worry less. Pandemic or not, that's something everyone needs.

A fail-proof way to track your PPP expenses

In order to be eligible for PPP loan forgiveness, every expense needs to be tracked separately. 25% of the loan has to be used on rent, mortgage interest and utilities. The remaining 75% is to be used for payroll.

With Roger, you can do this easily and instantly. Here are the expenses you need to track:

  • Payroll costs
  • Cost of employee benefits
  • Mortgage or rent
  • Utilities (Phone, Internet, heating and lighting, property maintenance, etc...)

Here are the steps you can follow in Roger to easily track these expenses:

  • Create lists for PPP Expenses (you could call it "PPP").
  • Create labels for different categories of PPP expenses, such as "PPP-Utilities", "PPP-Benefits", etc...
  • Set up a Workflow that automatically categorizes expenses from certain vendors to your PPP list. Then, everything in Roger will sync to your accounting system, including the PPP labels you add.

We're here to help

It's a stressful time. You have bigger things to focus on than worrying about manually tracking every expense and keeping track of piles of paper.

Roger is here to help you automate the process and track everything you need to ensure your loan is forgiven.

Ready to get started? Sign up and get started today.

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