how to make sure your ppp loan is forgiven

People also ask

  • How to get PPP loan forgiveness for employees?

  • How to get PPP loan forgiveness. 1 Use it for eligible expenses. 2 Keep your employee headcount up*. 3 Don鈥檛 reduce an employee鈥檚 wages by more than 25%*. 4 Document everything. 5 Talk with your lender. 6 Apply for loan forgiveness.

  • What are the terms of first draw PPP loan forgiveness?

  • First Draw PPP Loan forgiveness terms. First Draw PPP Loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement: Employee and compensation levels are maintained. The loan proceeds are spent on payroll costs and other eligible expenses; and.

  • Can I use my PPP loan for specific expenses?

  • Although you can use PPP loan funds for Specific Expenses after the 8-week period and before June 30, 2020, that portion of the loan will not be forgiven and you will need to repay that portion of the loan within 2 years of the date you received the PPP loan, at 1% interest. What Reduces the Amount of Forgiveness?

  • How much of a loan is forgiven from payroll?

  • This is 75% of the minimum payroll cost required for full forgiveness so their forgiveness amount is 75% of the loan. This means $15,000 of the $20,000 loan is forgiven, and they have to pay back the remaining $5,000. You can also find your maximum forgiveness amount from your payroll costs.

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