Utility expenses allowed for the Payroll Protection Plan

May 13, 2020
Written by: Tate Design

Guidelines as of today:

Utilities include electricity, gas, water, telephone, or Internet access for which service began before February 15, 2020. These are qualified expenses for loan forgiveness.*

*The Utility expenses must be incurred and paid within the eight-week period from the date you received funding and subject to the 25% limitation of the total other costs allowed ( Mortgage Interest, Rent Payments and Utilities) from the payroll protection program funding. At least 75% of the payroll protection program funding must go to payroll to be considered for forgiveness.

Submitted by:

Fred J. Toroni
Fred J. Toroni & Company, Certified Public Accountants
http://www.Toronicpa.com

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