Definition: Need – a thing that is wanted or required.
Q: Do I need a new/separate bank account to hold the PPP proceeds once received?
A: A new bank account set up for the sole purpose of accepting and using PPP funds is likely not something that you want. And it is not something that is required. But it is recommended. PPP funds are restricted in their use to a few items—payroll, rent, utilities and mortgage interest. Having a separate bank account will help you be careful and intentional about how you spend the proceeds. It will also allow us to easily track where the money went. Also, we have NO IDEA what will be required to prove the forgiveness portion yet. Since that aspect is so important, we want it to be super clear and easy to prove to the lender who will be making the ultimate decision.