No Establishment of a Separate PPP Loan Account
A crucial aspect of the PPP is that companies are only allowed to use the funds they receive for specific authorized purposes. These purposes include the payment of payroll and related expenses, the payment of insurance premiums, the payment of rent and mortgage interest under pre-existing obligations, and the payment of business utility bills. In order to account for all disbursements from their PPP loans, companies should deposit their loans into distinct accounts, and they should not commingle their PPP loan funds with any other company assets.