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Preparation for PPP Loan Forgiveness

In order to help retain employees during the current pandemic, approximately 70% of small businesses in the USA have a PPP (Paycheck Protection Program) loan. In most cases, the total amount of the PPP loan is eligible for forgiveness as long as the loan is used for qualified expenses. Recently, new legislation reduced the terms of PPP loan forgiveness that was used for payroll, rent, and utilities. The PPP is now based on 24 weeks instead of 8 weeks. So that your small business can fully benefit from the PPP loan forgiveness, we have listed 5 tips that may help you to meet the challenge.

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Topics: Business Advisory