PPP Loan forgiveness: the list of eligible expenses has been extended

The Government may forgive the loan if small business borrowers spent the money on eligible expenses. The list of eligible expenses has been extended. Your PPP loan may now be forgiven if you spent the money on the following:

• Payroll, rent, utilities, covered mortgage interest,

• Covered worker protection and facility modification expenditures such as personal protective equipment to comply with COVID-19 federal health and safety guidelines,

• Expenditures to suppliers that are essential at the time of purchase to the recipient’s current operation.

To help businesses in operation in the United States as of February 15, 2020 keep their workforce employed and to overcome the challenges created by the COVID-19 pandemic and the related economic crisis, Congress designed a multibillion forgivable loan program, the Paycheck Protection Program loan (PPP loan).