Here are the key points:
In order to be eligible for forgiveness, PPP funds can only be used for the following items.
Payroll, including eligible benefits. These are group medical, dental, retirement, paid sick or family leave, state UC.
Individual compensation limited to $100,000 annual rate which is $15,385 for the 8-week period or $46,154 for the 24 week period. Business owners are capped at $15,384 for the 8 week period or $20,833 for the 24 week period. Eligible benefits for those individuals can be included in addition to these numbers.
Rent or leases in effect as of Feb 15th, 2020
Interest on Loans
Interest on loans that were in place as of February 15th, 2020. This is limited to mortgage loans and personal property loans that contain liens on your property. For example, your building or warehouse, or your trucks that are being held as collateral on the truck loan.
Utilities include electricity, water, gas, transportation, telephone and internet.
The key questions tend to come in around transportation and telephones. Telephones include land lines and cell phones. transportation includes gas for your company owned vehicles used to conduct your business.
A clarification of this is found in the Federal Register Vol. 85, No 76, Page 21479. I have highlighted that section here.