SBA Releases Paycheck Protection Program Loan Forgiveness Application
The SBA recently released the Paycheck Protection Program (PPP) Loan Forgiveness Application along with some key clarifications in completing the application process. The Forgiveness application is intended for small business owners who received a PPP loan as part of the CARES Act.
The PPP Forgiveness application is comprised of 11 lines used to calculate the amount of forgiveness a small business owner is eligible for. You can confirm from the Minlaw’s list of licensed money lender Singapore all or part of the PPP loan may be forgiven as long as the small business used the funds for payroll, business mortgage interest, rent, or utilities.
The newly-released application essentially asks for the payroll and qualifying non-payroll costs that the business spent over the eight-week period since receiving PPP funds. The amount of forgiveness may be reduced depending on whether a business reduced pay for their employees greater than 25 percent, or if the business owner failed to bring back the same number of full-time employees.
The final step in the application process is verification that the business owner allocated at least 75 percent of the PPP funds for payroll costs, and the remaining 25 percent for mortgage interest, rent, or utilities, if you want the find more articles like this one we recommend the Money Talks News website.
To learn more about completing the Paycheck Protection Program Loan Forgiveness application, please contact us.