Is Cell Phone Considered A Utility For PPP?

What qualifies as a utility?

Generally, utility expenses include electricity, gas, water/sewage and garbage disposal.

Sometimes, other services such as internet, cable TV and phone services are considered to be additional utilities since they are now considered standard in most American households..

Does a bank statement count as a utility bill?

No. A utility bill is a bill sent to you for service by a utility company. In other words, it’s a service relationship, tied to your address. No a Bank Statement does not count as a utility bill, many institutions that ask for such information usually have lists of acceptable documents.

What is the covered period for PPP?

NOTE: The Covered Period for PPP loans is the 24-week period immediately following disbursement of the loan or a period ending on December 31, 2020, whichever is shorter. If you received your loan prior to June 5, 2020, you may choose the 8-week period following disbursement of your loan as your Covered Period.

What utilities can be included in PPP?

The following are all considered forgivable utilities expenses for the PPP:Electricity.Water bill.Gas.Sewage.Telephone (cell phone and landline)Internet bill.Transportation costs.

Is cable considered a utility?

Cable services, which are generally offered through private companies, are also public utilities. … Monthly cable services cost money, which is requested from the consumer in the form of a utility bill.

What is the deadline for PPP forgiveness?

October 31, 2020Question: The PPP loan forgiveness application forms (3508, 3508EZ, and 3508S) display an expiration date of 10/31/2020 in the upper-right corner. Is October 31, 2020 the deadline for borrowers to apply for forgiveness? Answer: No.

What counts as payroll costs for PPP?

PPP loans covers payroll costs, including costs for employee vacation, parental, family, medical, and sick leave. However, the CARES Act excludes qualified sick and family leave wages for which a credit is allowed under sections 7001 and 7003 of the Families First Coronavirus Response Act (Public Law 116–127).

Can I give my employees a raise under PPP?

A business owner could give employees raises or bonuses, but the forgiveness limit is a maximum of $100,000 per employee on an annualized basis. Both houses of Congress have approved legislation that would extend the time that business owners have to use their PPP loans to 24 weeks, from 8 weeks.

How do I prove payroll for PPP?

Documentation verifying the number of full-time equivalent employees on the payroll, including their pay rates, for the periods used to verify you met the staffing and pay requirements. This includes: Payroll reports (from your payroll provider) Payroll tax filings (Form 941)

Is cell phone considered a utility?

There are a few different utilities that constitute as a utility bill these are, electricity, gas, water, home phone, mobile phone and broadband. All these services are classed as utility bills as they are products that make up the running of your household.

What is considered transportation for PPP loan?

The CARES Act allows for transportation costs. The only SBA guidance we have as of now on this point is for self-employed individuals. This guidance states that gas used for driving a business vehicle is a forgivable use of PPP loan proceeds.

What are the 4 types of utility?

The four types of economic utility are form, time, place, and possession, whereby utility refers to the usefulness or value that consumers experience from a product.

Do employees have to pay back PPP?

The potential is there, but the probability isn’t great, Caruso said. Your employer has to account for all the monies spent in the eight-week period beginning from the date of the origination of their PPP loan and will be responsible for paying back any funds not spent on payroll or other very limited categories.

Is garbage a utility for PPP loan?

Strangely, while garbage removal is not considered an eligible utility expense, the SBA will allow the inclusion of transportation expenses, such as gas and mileage reimbursement in the non-payroll costs.