Paycheck Protection Program (PPP) borrowers may be eligible for loan forgiveness if the funds were used for eligiblepayroll costs, payments on business mortgage interest payments, rent, or utilitiesduring either the 8- or 24-week period after disbursement. A borrower can apply for forgiveness once1Contact Your2Compileit has used allSubmit to
People also ask
Are you eligible for PPP loan forgiveness?
Borrowers may be eligible for Paycheck Protection Program (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: The loan proceeds are spent on payroll costs and other eligible expenses; and
What additional expenses are covered by PPP loans?
ADDITIONALLY, NEW EXPENSES ARE COVERED/FORGIVABLE. PPP loans for 2021 will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures. Start your PPP loan application now!
Do you have to pay back PPP loan?
If a borrower receives a PPP loan, they must also apply for forgiveness of the loan or they will have to pay the loan back. Borrowers are eligible for forgiveness in an amount equal to the sum of their eligible expenses during their chosen 8-week to 24-week Covered Period.
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.