You will need comprehensive documentation to accompany your loan forgiveness application in order to verify that you spent your loan on approved expenses.
This documentation may include:
Bank account statements or third-party payroll service provider reports
Tax forms for the covered period, or that overlap the covered period
Payment receipts, cancelled checks, or account statements
Business mortgage interest payments: copy of lender amortization schedule and receipts verifying payments
Business rent or lease payments: copy of current lease agreement and receipts or cancelled checks verifying payment
Business utility payments: Copies of invoices and receipts, cancelled checks, or account statements
Other invoices, receipts, account statements for covered costs
This list isn’t all-inclusive, so be sure that you have good documentation for each of the expenses that you used your loan for. Basically, if it’s a legitimate business expense, it’s likely allowed so be sure to keep track of receipts and records.