How to Keep Track of SBA Funds
Have you applied for the payroll protection plan or any SBA Funds for your Child Care Business during this pandemic?
Covid 19 hit the childcare industry and many other industries hard and having financial assistance from the SBA and other agencies is how many businesses are surviving right now. However, it is still vital that you maintain your record keeping in the event of an audit.
Today I want to share some strategies with you that will help you to maintain your current budget plus the additional funds that you receive from the Small business assosciation or Federal PPP funds.
- When you receive SBA funds, keep those funds seperate from other business funds. It may even be helpful to you to start another bank account.
- Keep track of how you spend the funds by using a log. (SBA Working Capital form
- Only use the funds on monthly operating expenses such as: rent, payroll, food, supplies, utilities, etc.
- Using SBA funds frees up your monthly workin capital and allows you to stay afloat during this pandemic.
- Finally be sure to keep all receipts.
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