Can I use my PPP loan proceeds for rent and utilities?

Yes, you can use up to 40% of the PPP loan proceeds for rent and utilities, but you must maintain the following records:

  • Copies of all utility invoices paid during the 8- or 24-week covered period, with proof of payments
  • A copy of your lease agreement. If you are the owner of the building you rent, only the mortgage interest qualifies for forgiveness, not the entire rent payment.
  • Copies of all checks or bank statements showing the payments were made
  • Copies of your lease or utility invoices dated prior to FEBRUARY 15, 2020, demonstrating you had those services prior to the COVID-19 pandemic