If you’re a sole proprietor, you can have eight weeks of the loan forgiven as a replacement for lost profit. But you’ll need to provide documentation for the remaining two weeks worth of cash flow, proving you spent it on mortgage interest, rent, lease, and utility payments.
So if at some point you need to check boxes saying what you’re applying for this loan for, and you can check more than one box, you should check all of them, or at least payroll + something else. If you can only check one box, I guess check payroll.
I doubt that that box checking actually matters, but it seems prudent to do this, just in case it does.
Another thing for people to keep in mind:
Apparently, if you want loan forgiveness, you can only spend 8 weeks worth of the money on payroll.
From here,
So if at some point you need to check boxes saying what you’re applying for this loan for, and you can check more than one box, you should check all of them, or at least payroll + something else. If you can only check one box, I guess check payroll.
I doubt that that box checking actually matters, but it seems prudent to do this, just in case it does.