Calculating COVID-19 PPP Loan Forgiveness
June 3, 2020
By: Adam Smith
“Due to economic hardship caused by the ongoing COVID-19 pandemic, many businesses have become reliant on loans from the Small Business Administration’s Paycheck Protection Program to stay afloat. The PPP provides eligible businesses access to low interest loans to cover payroll costs and basic operating expenses during the pandemic, and these loans have the potential to be forgiven in full if the funds are spent in accordance with the SBA’s guidelines.”
“Unfortunately, the initial SBA guidance regarding loan forgiveness left many businesses guessing how various circumstances and factors might affect their ultimate eligibility for loan forgiveness. In response, the SBA recently released its PPP Loan Forgiveness Application along with clarifying instructions and two new Interim Final Rules addressing several of the most common questions concerning how businesses should use the funds, document expenses and request loan forgiveness.”
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