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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