Paycheck Protection Program (PPP) Forgiveness Rules: Understand Qualified Expenses & Forgiveness Requirements

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Since this loan should be used to assist you pay your personnel, it makes sense that one requirement for loan forgiveness is that you need to maintain the headcount of your full-time staff members. If you use your loan for anything other than these expenses, you will not certify for full loan forgiveness. If you utilize your loan for certified expenses, your loan will be forgiven. If you do not certify for full loan forgiveness, you will be required to pay back loan funds plus interest. You will apply for PPP loan forgiveness through the lending institution that serviced your PPP loan.

Because this loan should be used to help you pay your personnel, it makes sense that one requirement for loan forgiveness is that you must keep the headcount of your full-time workers. If you utilize your loan for anything other than these expenditures, you will not certify for full loan forgiveness. If you utilize your loan for certified expenditures, your loan will be forgiven.

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