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People also ask
Is there a deadline to apply for PPP loan forgiveness?
There is no deadline to apply for PPP loan forgiveness. Lenders will continue accepting PPP forgiveness applications so long as borrowers have PPP loans. It鈥檚 recommended you apply for forgiveness before you need to make your first PPP loan payment. Here鈥檚 why. PPP loans have a covered period of 8 to 24 weeks after the funds hit your bank account.
How much of my PPP loan can I forgive for payroll?
For example, if a business gets a $20,000 PPP loan, they would need to spend at least $12,000鈥?0% of the loan鈥攐n payroll. However, they spend only $9,000 on payroll. This is 75% of the minimum payroll cost required for full forgiveness so their forgiveness amount is 75% of the loan.
What is a simplified PPP forgiveness application form?
A simplified PPP forgiveness application form for loan amounts of $150,000 or less. New forgivable expenses such as operational expenses, supplier costs, and property damages related to 2020 riots or public disturbances. A second draw PPP loan for businesses needing additional funding.
Are you eligible for pppfa loan forgiveness?
Under the PPPFA, forgiveness eligibility for loan proceeds put toward nonpayroll expenses 鈥?rent, mortgage interest, and utilities 鈥?is capped at 40% of the total loan amount. For example, you鈥檙e eligible for forgiveness on $9,000 of a $10,000 loan if you: