Paycheck Protection Program. Get information about the SBA loan program that helped businesses keep their workforce employed during the COVID-19 crisis.The SBA oversees the PPP program. A web link to the SBA's PPP fact sheet appeared in the brochure of Advisors' Pride in Appleton, Wis. We'll discuss the process of recording the PPP loan as a liability on your financial statements, under the 'Current Liabilities' section. Small businesses are receiving loans, and many have questions on how to account for the funds, expenses, and forgiveness in their accounting records. The new simple PPP loan forgiveness application should let most PPP borrowers easily apply for forgiveness. And let them do so now.