- What expenses can PPP loans pay?
- Can Owner Draws be included in PPP?
- Are phone and Internet utilities?
- Is fuel considered a utility?
- Is WIFI considered a utility?
- How do I prove residency without bills?
- Is bank statement enough for proof of address?
- What are 3 proofs of residency?
- Are cell phones considered Utilities for PPP loan?
- What would be considered a utility bill?
- What are two forms of proof of residency?
- What can I use instead of a utility bill?
- Is the phone company a utility?
- What do you do if you don’t have proof of address?
- What qualifies as utilities for PPP loan forgiveness?
- How do I show proof of address?
- Does a phone bill count as proof of address?
What expenses can PPP loans pay?
Your PPP loan funds can be used to cover payroll expenses so that you can keep your business staffed.
You must use at least 60% of your loan to cover payroll costs to qualify for forgiveness.
The remaining 40% can be used on mortgage interest, utilities, rent, and other expenses that we’ll detail in this article..
Can Owner Draws be included in PPP?
When it comes to the PPP, your payroll will be limited to the wages that you are taxed on. … This will not be owner draws, distributions, or loans to shareholders, because none of those types of transactions are subject to payroll or self-employment tax.
Are phone and Internet utilities?
Utilities. Unlike office expenses, office utilities are required for the business’ operations and include items such as electric, gas and telephone services. … Internet services that are simply supporting services for the business, and not mandatory for efficient operations, are considered to be office expenses.
Is fuel considered a utility?
“and business utility payments (e.g., the cost of electricity in the warehouse you rent or gas you use driving your business vehicle).” The SBA, at least for Schedule C filers, consider gas used in a business vehicle as being a utility. … So the bottom line is that gas is a utility according to the SBA.
Is WIFI considered a utility?
Internet service is a necessity, and yet it isn’t regulated as a utility the way services like water and electricity are. … Ultimately, the FCC did reclassify broadband to enforce net neutrality in 2015, but never imposed strict utility regulations like price caps or network unbundling.
How do I prove residency without bills?
If you don’t have any utility bills, you can still prove your residency through other means. You can use a combination of your license, tax documents, bank statements, lease agreements, and other official paperwork. The essential factor is that the form of proof shows your address and name.
Is bank statement enough for proof of address?
Most banks will accept a bank statement as proof of address, provided it’s recent. … Statements are typically accepted from banks, credit unions and building societies. Credit card statements, provided they’re recent, are also generally considered a legitimate option.
What are 3 proofs of residency?
Things You’ll NeedGovernment-issued photo ID.Residential lease/property deed.Utility bill.Letter from the government/court (marriage license, divorce, government aid)Bank statement.Driver’s license/learner’s permit.Car registration.Notarized affidavit of residency.
Are cell phones considered Utilities for PPP loan?
UTILITIES. Utilities are the last qualified expense under the PPP program. These are described by the SBA as phone, internet, gas, water, electricity, etc.
What would be considered a utility bill?
Generally, utility expenses include electricity, gas, water/sewage and garbage disposal. Sometimes, other services such as internet, cable TV and phone services are considered to be additional utilities since they are now considered standard in most American households.
What are two forms of proof of residency?
Examples of acceptable documents to prove California residency are: rental or lease agreements with the signature of the owner/landlord and the tenant/resident, deeds or titles to residential real property, mortgage bills, home utility bills (including cellular phone), and medical or employee documents.
What can I use instead of a utility bill?
Electricity bill. Water bill. Cable company bill (but not from satellite TV companies) Landline telephone bill….The following forms of proof of place of residence are accepted:Energy provider bill.Bank statement.Tax assessment.Photographic ID.Mortgage statement.Certificate of voter registration.More items…
Is the phone company a utility?
Telephone. Land telephone services are also considered to be public utilities. The invoices these telephone companies send out are utility bills. Like electric and water companies, local telephone companies provide a service to the public at large.
What do you do if you don’t have proof of address?
Examples of ProofBank Statement.Cell Phone Bill.Drivers License.Health Insurance Card.Residential Lease Agreement.Mortgage Statement.Paycheck / Paystub.Real Estate Deed.More items…
What qualifies as utilities for PPP loan forgiveness?
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.
How do I show proof of address?
Proof of AddressValid Driver’s License.Property Tax Receipt.Posted Mail with name of applicant.Utility Bill.Lease Agreement or mortgage statement.Insurance Card.Voter Registration Card.College Enrollment Papers.More items…
Does a phone bill count as proof of address?
For proof of residency in CA, a printed copy of a cell phone bill, utility bill, credit card/bank statement is acceptable.