Jennifer Berman is an employee benefits attorney for MZQ Consulting and Kelly Benefit Strategies.
have added flexibility, there are still more expenditures that may qualify for reimbursement than you'd think.One unique aspect of the PPP is its approach to what's considered a "utility." Under new, these expenses, along with rent and mortgage interest, are now forgivable for up to 40% of the loan.
For example, if in 2018 you used a company car and deducted the appropriate mileage or depreciation on your taxes, you can choose to allocate PPP loan dollars to that expense and be eligible for forgiveness. Of course, now that Congress has extended the PPP spending timelines from eight to 24 weeks, small businesses have much more time to expend funds on payroll and may not be as focused on ensuring other expenses are covered.
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