Q&A FOR PPP LOAN FORGIVENESS

This is a Q&A for the PPP Loan Forgiveness Application form issued by SBA on May 18, 2020. The basic idea behind PPP loan forgiveness is that 75% of the original Payroll Protection Program loan must have actually been used for payroll during the 8-week Covered Period that began the day the PPP loan was received. The remaining 25% can have been used on things like mortgage interest, lease payments and utility payments. The application form is designed to calculate the actual use of funds and to identify how much of the PPP loan can be forgiven. Continue reading “Q&A FOR PPP LOAN FORGIVENESS”