Equipment Lease Regarding Forgiveness

State:
Multi-State
Control #:
US-02389BG
Format:
Word; 
PDF; 
Rich Text
Instant download

Description

This is a comprehensive lease of equipment. In states that have enacted Article 2A, Leases, of the Uniform Commercial Code, any transaction that creates a lease of personal property is governed by that state's version of Section 2A.
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FAQ

Business expenses on electricity, gas, water, transportation, telephone, or internet access are eligible uses of PPP funds and qualifies for forgiveness.

To prove worker protection expenditures you'll need to provide:Copy of invoices, orders, or purchase orders.Receipts, cancelled checks, or account statements verifying those eligible payments.More items...?

It is important to note that the application guidance includes lease agreements for real or personal property in the definition of eligible rent expenses, so expenses associated with personal property leases, i.e. equipment and vehicles, in force as of February 15, 2020 can be included as eligible costs for PPP

Covered operations expenditures, including:Payment for any business software or cloud computing service that facilitates business operations.Product or service delivery.The processing, payment or tracking of payroll expenses.Human resources.Sales and billing functions.More items...?

Interesting Questions

More info

The inclusion of both interest payments for business obligations on personal property (i.e. Compared to an equipment loan, equipment leasing has a higher total cost.

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Equipment Lease Regarding Forgiveness