Paycheck Protection Program Loan Forgiveness: Answering Your Questions
We understand that government loan application processes can be complex. Even the application for the PPP loan forgiveness may come as complex to some. Since we noticed that the PDF file that small businesses must use as an application for this particular PPP loan forgiveness is 11 pages long.
Here, we give our take on the process and attempt to answer some questions. Or areas you might not be sure of before, or during application.
- The first thing that small business owners ask is when should they apply? Well, this should be done now in order to carefully navigate the 11 pages and correctly. Fill in your details where there is a need to.
- However, you should hold on applying until you finish your two months covered period
- There are two things to pay particular attention to, and these are;
- Money spent on employees, including payroll, retirement and other benefits, and,
- Payments related to your utilities and rent, a mortgage, etc.
- When filing, remember that to land the loan forgiveness. At least 75% of the PPP loan must be used on the payroll. Make sure the details or expenses you fill in the form reflect just that.
- Having said that, the SBA made sure to mention that there is no room for misrepresenting facts. You are being made to sign that you understand that on the form and that massaging figures come with a jail sentence.
The application form may be frightening to look at. But you can consult a tax practitioner or accountant who can help you walk through the process. If your business is in need of this kind of help, do not hesitate to get in touch with us. And we will be happy to speak to you about getting your PPP loan forgiven.
Ps: Need help on your PPP Loan Forgiveness? Click here to have your Free PPP LOAN Quick Chat with us!