If you use your loan for payroll and benefits costs, interest on mortgages, rent and utilities, your loan is eligible for loan forgiveness and you must apply to receive forgiveness.įurther, you must continue to pay your employees at normal levels during the 24 weeks following the origination of the loan.īorrowers are eligible for loan forgiveness for the following costs: What are the stipulations for loan forgiveness?īecause the PPP loan focuses on delivering immediate economic assistance to small businesses affected by the sudden economic recession, forgiveness is based on the employer maintaining or quickly rehiring employees, as well as maintaining existing compensation levels.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |