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

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Because this loan ought to be utilized to assist you pay your personnel, it makes sense that one requirement for loan forgiveness is that you must maintain the headcount of your full-time workers. If you use your loan for anything other than these expenditures, you will not qualify for complete loan forgiveness. If you utilize your loan for qualified expenditures, your loan will be forgiven. If you don’t certify for complete loan forgiveness, you will be needed to pay back loan funds plus interest. You will use for PPP loan forgiveness through the lending institution that serviced your PPP loan.

Because this loan should be utilized to help you pay your staff, it makes sense that one requirement for loan forgiveness is that you must preserve the headcount of your full-time employees. If you utilize your loan for anything other than these expenditures, you will not qualify for complete loan forgiveness. If you utilize your loan for certified expenditures, your loan will be forgiven.

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