PPP - Loan Forgiveness
Paycheck Protection Program Loan Forgiveness Once you receive the Paycheck Protection Program (PPP) loan proceeds, it is important to correctly track and document everything to ensure you qualify for and receive the potential loan forgiveness aspect of the program (either in-part or in-full). *Note: The below is current from facts/information as of April 28, 2020. If additional guidance is issued that changes anything, we will update this blog post. LAST UPDATE - 6/25/20 BASICS OF THE PPP LOAN FORGIVENESS Here are some of the basics related to the loan forgiveness aspect of the loan. The 8-week forgiveness period starts on the day the PPP funds are deposited into your account. An alternative payroll covered period may be used for borrowers with a bi-weekly or more frequent payroll (for payroll costs only). **NOTE: A 24-week forgiveness period can now be chosen in lieu of the 8-week forgiveness period. The forgiveness will be based upon actual qualified costs