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

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Due to the fact that this loan must be utilized to help you pay your staff, it makes sense that one requirement for loan forgiveness is that you need to preserve 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 use your loan for qualified expenses, your loan will be forgiven.

Because this loan needs to be utilized to assist 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 expenses, 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 full loan forgiveness, you will be needed to pay back loan funds plus interest. You will use for PPP loan forgiveness through the lender that serviced your PPP loan.

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