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

thumbnail

Since this loan must be used to help you pay your staff, it makes sense that one requirement for loan forgiveness is that you should maintain the headcount of your full-time staff members. If you use your loan for anything other than these expenditures, you will not certify for complete loan forgiveness. If you utilize your loan for qualified expenditures, your loan will be forgiven.

Since this loan must be used to help you pay your staff, it makes sense that one requirement for loan forgiveness is that you should maintain the headcount of your full-time staff members. If you utilize your loan for anything other than these costs, you will not qualify for full loan forgiveness. If you use your loan for qualified expenses, your loan will be forgiven. If you do not certify for complete loan forgiveness, you will be required to pay back loan funds plus interest. You will use for PPP loan forgiveness through the lender that serviced your PPP loan.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back To Top