1.How do you get PPP Loan Forgiveness?
The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 60% of the forgiven amount must have been used for payroll).
Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease. The loan forgiveness form and instructions include several measures to reduce compliance burdens and simplify the process for borrowers, including:
2. What documents are needed for PPP forgiveness?
3.What happens if you do not use all your PPP loan?
The part that is used according to the guideline will be forgiven. The part that is not will become a loan paid at 1% interest for 2 or 5 years based on loan date on or before June 5, 2020
4. What is the deadline for PPP loan forgiveness?
5. What part of payroll is forgiven in PPP?
100% if you meet the conditions
6. Can I use 100% of my PPP loan for payroll?
Yes, you can
7. What documents do you need to keep
8. How long do I need to keep these documents for
6 years from the end of the coverage period