PPP loans will help small businesses, including sole proprietors and independent contractors, and private nonprofits maintain payrolls and continue necessary payroll-related payments like rent and utilities. The full allowable uses of the loan are:
- Payroll costs: Compensation in the form of salaries, wages, commissions (or similar compensation), cash tip payments (or the equivalent)
- Healthcare costs: Any costs related to the continuation of group healthcare benefits, including insurance premiums
- Mortgage interest payments (but not payments on the mortgage principal)
- Rent
- Utilities
- Interest on any other debt obligations incurred before February 15, 2020