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.