Apr 21, 2020

How to Track Your Finances After Filing for a PPP Loan

Now that you’ve wrapped up your Paycheck Protection Program (PPP) loan application, it’s time to move on to the next step. As you likely noticed, there is a precise list of approved uses for your government-granted funds, so you and your business must keep detailed records of your expenses to avoid needing to pay it all back. 

Approved Uses for the PPP Loan Funds

As you get ready to spend your newfound funds, it’s crucial that you utilize them exclusively for approved uses. To make sure you don’t accidentally misuse the money from your PPP loan, we’ve listed out the core spending options for your business:

Payroll Costs

Other Business Costs

Despite being lumped into only 2 categories, the ways you can safely spend your Paycheck Protection Program (PPP) loan are incredibly diverse, so it’s important to keep them lined out. Additionally, if you also applied for the Economic Injury Disaster Loans (EIDL) and related Emergency Economic Injury Grant (EEIG), you need to be extra careful. Any crossover in fund use could result in you losing out on the chance for total loan forgiveness. As scary as that scenario sounds, there’s a pretty spectacular solution, and it won’t cost you a thing. 

Enter, Sunrise.

Sunrise: Beyond Bookkeeping

Powered by Lendio, Sunrise is the online bookkeeping tool you need to track all of your expenses and stay on top of your PPP loan use. Packed with all manner of exciting features, this service can help your business grow while keeping a keen eye on every corner of your operations. And the best part is—it’s free.

Sunrise and Your PPP Loan

An impressive expense tracking system is built right into the program. Once you’re signed up and your business is in the system, all you need to do is link the bank account and credit cards for your business, and all of your expenses and income can be automatically categorized. These incredible features mean every time you use the funds from your Paycheck Protection Program (PPP) loan, you know exactly where it’s going, how it’s being used, and how to report on all the details when the time comes. No stress. Just easy bookkeeping.

The Financial Features Your Business Needs

The practical applications of this robust bookkeeping system go way beyond monitoring expenses as they relate to the PPP. There’s a laundry list of incredible features designed to make your life easier. Sunrise can:

Put Your Business on the Fast Track to Future Capital

Any business owner who has applied for loans, grants, or any other form of financial aid can attest to the red-tape rigamarole that goes along with it. When other small businesses scramble to organize receipts, bills, and other expense details, Sunrise can set you up for success. It keeps and categorizes your information with automatic expense tracking and financial reports, which can help you satisfy some of the requirements of the government or other lenders, as well as identify areas of spending you can reduce during crises like the coronavirus (COVID-19) pandemic.

Help You Manage Cash Flow

Sunrise offers highly customizable invoices. These invoices allow you to plug in your logo, business and billing information, add sales taxes based on the location of your customers, and more. You can also send individualized quotes and estimates that easily convert into invoices with one click. You can also add discounts, handle refunds, and see where your invoices sit, whether they are paid, unpaid, or overdue.

Give You a Personal Business Bookkeeper

For business owners who don’t have the knowledge, experience, or even the time to mess with bookkeeping, Sunrise has an upgrade option that will give you access to a real live, professional bookkeeper. Starting at only $149 per month, you can sync your expenses and offload the hassle to an expert. These professionals can handle the monthly closing of your books, help with your taxes, and be available to answer all of your questions by email or text.

The Right Call for Your Business

Whether it’s to track the relevant expenses for your PPP loan, EIDL, and EEIG or to make sure your customers are using your fancy invoices to pay you on time, Sunrise is an excellent addition to your daily small business setup. Whether you use the expansive free version or upgrade for an expert bookkeeper and other perks, Sunrise is the service capable of taking your business to the next level.


While every effort is made to ensure the accuracy of information when a story is published, the coronavirus pandemic and Paycheck Protection Program (PPP) have caused details to change at a rapid pace. Additional guidance from the government may change or clarify certain aspects of the forgiveness process and could result in changes to the information contained in these pages. For the most up-to-date information, please visit the COVID-19 section of our website. For more information, you can call us at (855) 853-6346. Lendio is not responsible for and provides no warranty as to the accuracy of this content. Lendio does not provide legal, accounting or tax advice. The information and services Lendio provides should not be deemed a substitute for the advice of such professionals who can better address your specific concern and situation.

About the author

Bjolan Holyoak
Bjolan Holyoak
Bjolan Holyoak is a small business finance writer based in Utah. As a copywriter for Lendio, he fuels the American Dream by giving small business owners the information they crave. He believes that with the right panache, financial information can be as much of a "breath of fresh air" as a hike in the Utah mountains.


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