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Paycheck Protection Program
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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 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.
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.
What happens if my PPP loan is denied?
If you鈥檝e made a good-faith, written offer to rehire someone and this offer ended up being denied; you may be eligible for an exemption from PPP loan forgiveness reduction. The initial deadline to send in a PPP loan forgiveness application form is ten months from the conclusion of the Covered Period 鈥?which is somewhere between 8 and 24 weeks.