Monday, June 1, 2020

What Are the Payroll Protection Program Loan Forgiveness Rules?

The Application confirms the public rules on PPP forgiveness. Loan forgiveness depends on how the loan proceeds are spent over an 8-week period. To qualify for forgiveness of the entire PPP loan, at least 75% of it must be spent on payroll, while up to the remaining 25% of it must be spent on mortgage interest, rent, and utility payments incurred before February 15, 2020.
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Have Questions About the Payroll Protection Program?

If you have questions about the Payroll Protections Program legislation, or need advice about your business, please contact us today at (734) 665-4441. 

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