do you have to pay back ppp loan

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  • Do you have to pay back all or part of PPP?

  • The only way you will have to pay back all or part of a PPP loan is if you don鈥檛 use it for the specific items outlined above.

  • What can I use my PPP loan for?

  • You CAN use your funding for any legitimate business expense, but if you use your loan for anything other than PPP-approved payroll costs, mortgage, rent, and utilities, expect to pay back at least that portion of your loan.

  • Can I get my PPP loan forgiven as a small business?

  • Here’s what it takes to get your PPP loan forgiven as a small business or a no-employee independent contractor 鈥?failure to comply could lead some to have to pay back their PPP loans. PPP loan forgiveness is definitely possible (unless you participated in a PPP loan scam, in which case you may soon be hearing from the U.S. Department of Justice).

  • Can PPP funds be used for non-payroll costs?

  • Initially, no more than 25% of the forgiven amount could be used to cover non-payroll costs if you wanted your PPP loan completely forgiven. That has been changed to 40% as of June 5, 2020. (60% of PPP funds must be spent on payroll costs to maintain full loan forgiveness.)

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