Could you please elaborate on what would be included for supplier cost for forgiveness? for example, could restaurants include their Sysco invoices for eligible expenses for reimbursement? thank you!
According to the law:
Covered supplier costs are expenditures for the supply of goods that (a) are essential to the operations of the PPP borrower at the time at which the expenditure is made and (b) are made pursuant to a contract, order or purchase order (i) in effect at any time before the covered period with respect to the applicable covered loan or (ii) with respect to perishable goods, in effect before or at any time during the covered period with respect to the applicable covered loan.
So yes, I believe your Sysco invoices would qualify assuming all of the above are satisfied.
Great, thanks for taking the time to answer my question! I really appreciate that. Somewhere along the way I saw where we could also use PPP2 funds to cover PPE expenses, backdated from March 2020. do you know if this is true? Our glove expenses have tripled. I am wondering if I can claim these expenses as well. But also understanding, labor expenses need to be at least 60%. thanks again!