WebUtility payments 5. Interest payments on any other debt obligations that were incurred before February 15, 2024 ... trash removal, sewage, transportation, etc. (in addition to water and electricity) Q: Do PPP loans cover paid sick leave? A: Yes. PPP loans covers payroll costs, including costs for employee vacation, parental, family, medical ... WebUnder the CARES Act, a PPP borrower can only use the loan proceeds for: (1) payroll costs; (2) costs related to the continuation of group health care benefits during the periods of paid sick, medical, or family leave and insurance premiums; (3) employee salaries, commissions, or similar compensations; (4) payments of interest on any mortgage …

Paycheck Protection Program FAQs - AICPA

WebNov 19, 2024 · Although the loan forgiveness period (the “Covered period”) was originally 8 weeks, the PPP Flexibility Act of June 5 th expanded the covered period for borrowers to 24 weeks from loan funding, but not beyond 12/31/2024. Beginning on June 5 th, Borrowers MUST use a 24 week covered period. WebJan 7, 2024 · PPP borrowers can have their first- and second-draw loans forgiven if the funds are used on eligible costs. As with the first round of the PPP, the costs eligible for loan forgiveness in the revised PPP include payroll, rent, covered mortgage interest, and utilities. In addition, the following costs are now eligible: funeral homes tarpon springs florida

PPP Loan Forgiveness Webinar Q&As - Tri Counties Bank

Web(2) if the borrower received its PPP loan before June 5, 2024, the borrower may elect to use an eight-week (56-day) Covered Period. For example, if the borrower is using a 24-week Covered Period and received its PPP loan proceeds on Monday, April 20, the first day of the Covered Period is April 20 and the last day of the Covered Period WebWhat is considered a utility? In Accounting, the Utility Expenses are generally Electricity, Water/Sewer, Natural Gas, Garbage, and Oil if used for Heating. Telephone Services are not usually considered a Utility Expense and are posted to a separate GL Account. WebApr 14, 2024 · Maximum nonpayroll can only be 25% of the total loan forgiveness. If you are spending the entire loan, then it is 25% of the entire loan amount. If you are not spending the entire loan, then you have to solve for the maximum by taking payroll, dividing by 75%, and then multiplying by 25% which will then equal the maximum non-payroll amounts. 53. funeral homes terre haute in