PPP Loan Forgiveness FAQ
Does the $100,000 salary limit used in calculating the PPP loan amount also apply during the forgiveness calculation?
- Yes.
- Read more about $100,000 Salary Limit
When does the 8 week (56 day) period used to calculate the forgiveness metrics begin?
- There are two options depending on your company paycycle.Option 1: The first day of the Covered Period would be the same day you received funding on your PPP Loan.Option 2: Borrowers with a biweekly or more frequent pay period can start the eight week (56 day) Covered Period on the first day of the first pay period following your PPP Loan funding.
- Read more about 8 Week Covered Period
What are eligible non-employee payroll costs for forgiveness?
- Health insurance & retirement costs.
- Read more about Non-Employee Payroll Forgiveness
What are eligible payroll costs for forgiveness?
- Payroll costs incurred during the 8 week (56 day) Covered Period, not exceeding $100,000 per employee on an annualized basis.
- Read more about Payroll Forgiveness
What are eligible non-payroll costs for forgiveness?
- Mortgage Interest (not including principal payments), Rent, & Utilities.
- Read more about Non-Payroll Forgiveness
How did Congress change PPP Loan Forgiveness rules on June 5?
- Forgiveness rules for the PPP Loan program were relaxed with new legislation signed by the President on June 5, 2020
- Read more about New Forgiveness Rules
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