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You can apply for PPP loan forgiveness up until the date your loan matures: Two years for loans originated before June 5, 2020, and five years for loans issued after that date. But it's best...
Paycheck Protection Program (PPP) borrowers may be eligible for loan forgiveness if the funds were used for eligible payroll costs, payments on business mortgage interest payments, rent, or utilities during either the 8- or 24-week period after disbursement.
PPP – Loan Forgiveness Application and Instructions for Borrowers who Received a PPP Loan of $150,000 or Less – Form 3508S (5/24/2021) PPP – Loan Forgiveness Application and Instructions – Form 3508EZ (5/24/2021) PPP – Loan Forgiveness Application and Instructions – Form 3508 (5/24/2021)
Jun 1, 2021 · In general, under the current laws and guidance, PPP loans are eligible for forgiveness if: At least 60% of PPP loan funds are used for eligible Payroll Costs and any remaining loan funds are used to pay other eligible business expenses; PPP loan funds are used within 24 weeks; and. Staff and wage levels are maintained (subject to exceptions).
implementing updates to the PPP. This FAQ applies only to First Draw PPP Loans. Different eligibility requirements apply to Second Draw PPP Loans. See . FAQ #63 and subsection (c) of the interim final rule for Second Draw PPP Loans. 4 . See . subsections B.1.g.v., B.1.g.vii., and B.1.g.viii. of the consolidated interim final rule implementing ...
Nov 29, 2021 · The Six Rules To Follow For PPP Loan Forgiveness. The requirements for having your PPP loan forgiven are surprisingly lenient. It is, however, vital that you understand and follow these five requirements to qualify for loan forgiveness. 1. You Must Use Funds For A Qualifying Purpose.
forgiveness reduction amount of $400. The borrower would enter on the PPP Schedule A Worksheet, Table 1, $400 as the salary/hourly wage reduction in the column above box 3 for that employee. Example 2: A borrower received its PPP loan before June 5, 2020 and elected to use a 24-week Covered Period.
