July 23, 2020
Are there any restrictions on the use of any money that I have leftover during the remainder of the term of the loan?
Posted by Armanino Financial Advisory Team
Based on the terms of the PPP Flexibility Act, 60% of all loan proceeds need to be used for payroll costs, which includes any loan proceeds that are left over after the Covered Period and the forgiveness. There has been no guidance yet issued as to the use of the remaining non-payroll funds.