how to make sure your ppp loan is forgiven

Best answer


The best way to ensure that your paycheck protection program loan is forgiven is byworking with a professional who fully understands the process and requirements. One missed step could have you paying back a loan you thought would be forgiven, so make sure someone who understands the process is managing the process.

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  • How do I qualify for PPP loan forgiveness?

  • 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; At least 60% of the proceeds are spent on payroll costs

  • Does the CARES Act apply to PPP loan forgiveness?

  • When you applied for your PPP loan, you included all employees you employed鈥攆ull-time and part-time workers鈥攊n the calculation. But for loan forgiveness, the CARES Act looks at your average full-time equivalent (FTE) employees during the covered period.

  • What is 2nd draw PPP loan forgiveness?

  • Second Draw PPP Loan forgiveness terms Second 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 in the same manner as required for the First Draw PPP loan

  • What can I do with my PPP loan funds?

  • Do not use more than 25 percent of the PPP loan funds for non-payroll purposes, i.e. rent, utilities, and covered mortgage or other debt obligations. Spend the PPP loan funds within the 8-week covered period (which begins on the date you receive the funds) only on the Specific Expenses incurred within that same 8-week period. Hire back employees.

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