Paycheck Protection Programs Loan Foregiveness
The Paycheck Protection Program (PPP) was the centerpiece of the CARES Act. It was intended to assist small businesses during the COVID-19 crisis. The last day to apply for funds was June 30, 2020.
If you received a PPP Loan through your bank and/or SBA, you have a window of time to apply for forgiveness of the loan. Applicants have the option of choosing a calculation period of 8 weeks or 24 weeks depending on when they received the proceeds. At least 60% of the funds must be used for qualified payroll costs. The balance must be used for mortgage interest, rent or lease payments and utilities.
The process to file for forgiveness can be a bit daunting. If you need to file for forgiveness, I can help!