So you have received your PPP funds. Congratulations! But, now what? You have a very limited time to use these funds.
You have to spend it the way the Treasury Department and Small Business Administration (SBA) has deemed proper. These funds can be used to pay your business’ payroll. This was the primary purpose of the loan when it was drafted and passed into law. Also, you may use no more than 25% of these funds on business mortgage payments, rent or lease payments and utility payments.
Forgiveness Documentation
- Payroll information including payroll tax filings, health insurance info, or third-party payroll service provider reports;
- Copies of rental lease agreement, mortgage amortization schedule, utility invoices
- Cancelled checks and bank statements
Documentation must be kept for 6 years after the date the loan is forgiven or repaid in full.
I’m Christanne Wright, Owner of Your Wright Resource LLC. Our team has done the research and we know that clients need bookkeeping, payroll and recordkeeping in order to meet the requirements for the PPP. We are happy to assist you so your loan may be forgiven.
Contact us today at (888) 788-8610 or info@yourwrightresource.com to schedule your free consultation.
