What Advisors Need To Document for PPP Loan Forgiveness.

Participants of a PPP Loan will have the ability to convert the low-interest loans into forgivable grants. To do so, businesses will need to document that the funds were used primarily for payroll and overhead (rent/utilities.) The documentation required will be different than those of documents obtained when funding the original loans, including updated payroll reporting, utility bills, rent checks, mortgage interest payments and bank statements. A recent article from fa-mag.com goes over all of the details for PPP Loan forgiveness.