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The Payment Protection Program is now closed to all new applications. We are now accepting forgiveness applications for 2020 and 2021 PPP loans, both 1st and 2nd draws.
PPP LOAN FORGIVENESS
What are the forgiveness requirements?
The borrowers are required to spend at least 60% of the funds on payroll to receive full forgiveness. The other 40% may be used on eligible costs. These costs include certain mortgage expenses, rent and utility payments. The bill expands forgivable expenses to include expenditures for personal protective equipment and other gear to protect workers; supplier costs; operations expenditures, such as software; and property damage costs due to public disturbances during 2020. The legislation also clarifies that businesses that received PPP loans may take tax deductions for the expenses covered by forgiven loans.
Anything else to know?
Forgiveness Applications in SBA audit will not be funded until audit is completed. You must apply for 1st round forgiveness before receiving funding on 2nd draw.
We encourage you to read the rules published by the SBA. Visit SBA.gov for a complete list of rules.
If you need to apply for PPP Loan Forgiveness, please click the button below.