PPP loans are meant to maintain employee and compensation levels and fund payroll, mortgage interest, rent and utility costs.
The loan forgiveness application, made accessible May 15, contains the following measures to streamline the process:
- Opportunities for borrowers to calculate payroll costs using an “alternative payroll covered period” that fits their usual payroll cycles.
- Ability to include eligible payroll and nonpayroll expenses amassed or paid during the eight-week period after receiving the loan.
- A step-by-step guide on how to execute the calculations required to certify eligibility for loan forgiveness.
- Implementation of statutory exemptions from loan forgiveness reduction dependent on rehiring by June 30.
- An exemption from the loan forgiveness reduction for borrowers who have made legitimate offers to rehire workers that were declined.
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