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

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

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