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 expenses, you will not certify for complete loan forgiveness. If you utilize your loan for qualified expenses, your loan will be forgiven. If you do not 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 lender that serviced your PPP loan.

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