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

thumbnail

Since this loan should be utilized to assist you pay your staff, it makes sense that one requirement for loan forgiveness is that you must preserve the headcount of your full-time workers. If you use your loan for anything other than these costs, you will not certify for complete loan forgiveness. If you utilize your loan for certified costs, your loan will be forgiven.

Because this loan must be used to help you pay your personnel, it makes sense that one requirement for loan forgiveness is that you must keep 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 use your loan for qualified costs, your loan will be forgiven. If you don’t qualify 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.

Leave a Reply

Your email address will not be published.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

Back To Top