I have just attended a webinar on the latest rounds of CARES ACT PPP funding. Clarifying the requirements of "forgiveness" are on-going, but it is highly suggested that:
a separate bank account be set up for loan proceeds
for the eight weeks (8) covered period directly starting after the loan proceeds have been received
cancelled checks/billings/etc for non-payroll related expenses allowed
documentation will need to be provided for forgiveness including maintaining full-time equivalent and no reduction in salaries/wages/staff
related payroll expenses including processing, Employer State Unemployment taxes, Employer portion of retirement/health benefits
Anything not forgiven/used can be repaid without a prepayment penalty
These loans are on a 24 month repayment plan at 1%
More to follow as I do a deeper dive into the CARES ACT section 11 et al
