Small business loan.

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jltrent

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If you got the ppp loans you better have your p's and q's in line as the government will be wanting to see.

Here is some good paperwork to have in good order to get forgiveness.


PPP Loan Forgiveness Guidelines

If you qualified for a PPP loan, you have up to 24 weeks (8 weeks if you choose a shorter coverage period) to use the loan proceeds toward:

  • Payroll costs – At least 60% of your PPP loan must be used on payroll-related costs.
  • Operating costs – The remaining 40% of your loan proceeds must be spent on other approved non-payroll costs, including rent payments and utility bills.
  • Full-time employees (FTEs) – You must maintain your FTE employee headcount and compensation levels.
  • PPP forgiveness and taxes – You won’t need to claim your PPP loan amount in your 2020 tax filings. Forgiveness amounts aren’t considered as a cancellation of debt for federal taxes, and your expenses forgiven under PPP guidelines can’t be treated as a tax deduction. If you didn’t meet all of these requirements, you will need to repay a portion of your PPP loan.

I think I will pass. If these rules are followed Government Lawyers will be busy for a few years.
 
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greybeard

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