We received Paycheck Protection Program Funds earlier today. One of the requirement was to ensure that these funds are not used for anything besides payroll-costs/healthcare/rent/etc. However, since the deposit was made to the checking account, they got added to our existing balance. So, how is the separation possible?
Any suggestions. I checked with our CPA and BoA Small Business Specialist and they recommended putting them in a different account (if you have savings account, use it). However, I am not sure if it will work. We process payroll through Paychex, and so, I will need Paychex to use the Savings account, but then, how do they handle payroll for employees with annual salary more than 100k?
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