what is loan forgiveness ppp

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  • 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 is second draw PPP loan forgiveness?

  • 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, The loan proceeds are spent on payroll costs and other eligible expenses, and

  • How are PPP loan proceeds spent?

  • 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. 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:

  • 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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