do you have to pay back ppp loan

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  • How long do I have to pay back a PPP loan?

  • If your business or sole proprietorship received a PPP loan before June 5, 2020, you鈥檒l most likely need to repay any unforgiven amounts within about two years. Loans received after June 5, 2020, carry five-year repayment terms. How Much Interest Do I Owe on Unforgiven Loan Funds?

  • Do I have to pay back my Unforgiven PPP loan?

  • If your business or sole proprietorship received a PPP loan before June 5, 2020, you鈥檒l most likely need to repay any unforgiven amounts within about two years. Loans received after June 5, 2020, carry five-year repayment terms. How Much Interest Do I Owe on Unforgiven Loan Funds? The interest rate on all PPP loan balances is 1%.

  • 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 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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