Utilities are the last qualified expense under the PPP program. Similar to previous qualified expenses, it is important that these service contract agreements predate February 15, 2020. CWA Interpretation: For our clients, we feel that both office telephone lines and cell phones are qualified expenses.
What expenses can be included in PPP loan?
Business expenses on electricity, gas, water, transportation, telephone, or internet access are eligible uses of PPP funds and qualifies for forgiveness.
Is cell phone considered a utility bill?
A phone bill is usually considered a utility bill. A mobile or wireless bill isn’t normally considered a utility, just your landline. Generally, utility expenses include electricity, gas, water/sewage and garbage disposal.
What is PPP phone number?
877-552-2692
Paycheck Protection Program (PPP) Learn more about how to get help with your PPP loan. Borrowers who need assistance with direct forgiveness can contact SBA at our dedicated forgiveness call center: 877-552-2692. The call center is open Monday through Friday, 8:00 a.m. to 8:00 p.m. ET.
What is considered a utility bill for PPP loan?
Traditionally, “utilities” normally means electricity, water, gas, and sewage only. But as you can see, the PPP adds the additional categories of telephone, internet, and transportation costs.
Do you need mobile phone number to apply for PPP?
By providing your mobile phone number, you consent to receive text messages sent by an automatic telephone dialing system about Womply products or services from or on behalf of Womply. You understand that consent to these terms is not a condition of PPP application approval or the purchase of any Womply products or services.
What can I use my PPP loan for?
You may also use the other portion of your PPP loan to cover approved, legitimate business expenses such as commercial rent, mortgage payments, and utilities and receive loan forgiveness as long as the required percentage is used toward the above-mentioned payroll costs. If you need to use your PPP funding for other business expenses, you can.
What can cause loan forgiveness for a PPP loan?
PPP loans for 2021 will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures. Start your PPP loan application now! What new expenses are forgivable for 2021? What can cause loan forgiveness to be reduced? How do I apply for PPP loan forgiveness?
When to apply for a PPP loan extension?
Congress has approved an extension of the PPP loan program. SBA will accept applications through May 31, 2021, including “second draw” PPP loans for businesses that received PPP funding in 2020. ADDITIONALLY, NEW EXPENSES ARE COVERED/FORGIVABLE.