Things to Know About PPP Loan Forgiveness

Here are some important things to know about Paycheck Protection Program (PPP) loan forgiveness. To be eligible for loan forgiveness for the first- and second-draw PPP loans, borrowers must maintain staffing and compensation levels for the covered period. The covered period is either four weeks or 24 weeks after the loan was disbursed. The money must be spent on eligible expenses, and at least 60% must be on payroll. The eligible expenses are payroll costs, operating costs, supplier costs, property damage and worker protection.

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