Following as we are in the exact same boat.  I was just thinking about using a spreadsheet to track everything, because we are still active on some jobs and they are billable so even though I'll use PPP funds to pay the people, I'm still going to put their time against billable jobs if I can... open to suggestions.

You can set up a separate bank account for the PPP loan money and draw all payments related to payroll  out of that fund to track while still using your job cost to fulfill billing and project management functions.

We have a separate bank account set up for these funds. We will do a transfer each week for the gross payroll amount to our main payroll for the net payroll and our operating account for the balance. This way we can back up each withdrawal to the separate account with our payroll reports. We want all of our payroll to continue to be posted normally so we can track our job costs properly.

Thank you so much - that sounds like a great idea.

I made a video showing how to set up the accounts and make your entries. 

https://youtu.be/ebCT3e8_zL8

Great video - Thank you so much.

Thank you for the great information.  Question on the transfer amounts.  We are allowed to use wages, empoyer taxes.  How do I transfer the gross wages compard to the net pay?

Wonderful video!  Thank you~

We have created Sage Knowledgebase article 104505 "What can I do to track Paycheck Protection Program (PPP) loan we received?"

The procedure proposed in this article allows for reporting on the PPP bank account out of AP and PR. An additional scenario for PR is being considered and the KB will be updated with that information when it is available.

I would transfer transfer net pay as one transacation, and taxes as another, and union dues as another. The more detailed your audit trail the better.

We have revised article 104505 to be specific to Accounts Payable. Please review the latest changes to this article.  Further information regarding the options to track the PR related expenses paid from the PPP loan funds coming soon. A link to that information will be included on KB 104505

Creating a new job to to track all of the eligible costs to be funded from the loan is a good option.