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

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Since this loan needs to be used to assist you pay your personnel, it makes sense that one requirement for loan forgiveness is that you need to keep the headcount of your full-time staff members. If you utilize your loan for anything other than these expenses, you will not certify for complete loan forgiveness. If you use your loan for certified expenses, your loan will be forgiven. If you don’t certify for full loan forgiveness, you will be needed to pay back loan funds plus interest. You will apply for PPP loan forgiveness through the loan provider that serviced your PPP loan.

Due to the fact that this loan ought to be utilized to help 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 workers. If you use your loan for anything other than these costs, you will not certify for full loan forgiveness. If you utilize your loan for qualified costs, your loan will be forgiven.

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