Selden Fox, a CPA firm and a CATA allied member, has published a news article on the best practices for using the funds received from the Paycheck Protection Program in order to be eligible for the loan forgiveness. Of utmost importance for the loan forgiveness is the documentation you collect on the expenses incurred during the eight-week period following receipt of the loan.
 
Also, Selden Fox created a set of PPP Forgiveness Planning worksheets to estimate a company’s loan forgiveness and to track expenses incurred, and a checklist of the information you will need to provide to present to the bank for loan forgiveness. In using the worksheets, consult with your professional advisors.