Several readers have asked for help in tracking and documenting their payroll and other expenses that might be covered with their PPP loan. Your first step should be to check with your accountant or tax expert for guidance. Also, ask your lender what type of documents will be required to substantiate your reported covered expenses. Then, watch for additional guidance from the SBA, which should be released in the coming days.
Dave Heston, Carman Dea, and I have been working for about 1 week on the attached document, which you can download below. While I think the information is current as of this posting, there is still a lot that SBA has not defined, and we are all just waiting for guidance.
Download The Reporting for Paycheck Protection Program Guide here.
This is not clear to me but do we count Life Insurance towards this PPP loan?
John, Medical insurance can be included in payroll cost, but I do not find any references to life insurance. The only article that I have found, which mentions life insurance, says it cannot be included in payroll cost. See following link:
https://www.jdsupra.com/legalnews/updated-summary-covid-19-paycheck-30688/
You might check with your lender to get their view.