How can I spend my PPP loan?

Your PPP loan can be used for two costs: payroll and eligible non-payroll costs. Payroll costs include the same components that were included in the application: compensation (salary, wages, tips, bonuses, etc.), payment for vacation, parental, family, medical or sick leave; allowance for separation or dismissal; employer paid Health benefits (medical, dental, vision) retirement; and Employer payment of state and local taxes assessed on compensation of employees. Eligible non-payroll costs including: mortgage interest on property that was incurred before February 15, 2020 (principal on mortgage obligations is NOT eligible); business rent obligations under a lease agreement in force before February 15, 2020; and business utility payments for which service began before February 15, 2020.
The most important component of achieving forgiveness on your loan is spending it on payroll costs. At least 60% of your loan amount must be spent on payroll to be forgiven. You can spend more than 60% on payroll if you want, but you can't spend less. Whatever you don't spend on payroll must be spent on eligible non-payroll costs.

Do I have to document all my expenses related to how I spent the PPP money?

Yes! Make sure you're carefully documenting how you are spending the PPP funds. Keep records of payroll paid, hire offers extended and accepted or declined, rent, loan interest, and utilities payments. Records include: receipts, bank statements, copy of lease agreements, payroll register statements, etc. Put them all into a safe, accessible place where you can easily find what you need when it comes time to submit for forgiveness. Page 6 of the SBA Loan Forgiveness application instructions includes a specific list of documents (at minimum) that must attached to the document. We will ask you for these records later, and we will only want electronic copies that can transmit over email or our secure system.