PPP Loan Forgiveness

FYI... from my SBA bank on PPP Loan Forgiveness. (I have not been invited to apply for Forgiveness yet).

To give yourself a head start to the forgiveness process, these are the required documents:

• Payroll Report and Confirmation of Payments made for the Covered Period and Reference Period
• Lease Agreement and Rent Receipts for the Covered Period
• Utility Invoices and Paid Receipts for the Covered Period 
• Mortgage Agreement and Mortgage Interest Statements for the Covered Period 
• Bank Statements Covering the Covered Period 
• 2019 Filed Business Tax Return 
• Other Related Expenses for the Covered Period 

 Your forgiveness application is not due until 10 months after the end of the Covered Period you select (either 8 weeks or 24 weeks from initial loan disbursement). You can submit your forgiveness application and supporting documentation in our Forgiveness Portal. 

Employers: If you applied for your PPP loan with a Form 940, 941, 944, or W-2., You may be eligible for full forgiveness if: 

• The entire loan is used for qualifying costs: 
• At least 60% is used for payroll 
• And the rest is used for business rent, business utilities, or mortgage interest on a business property 
• You either do not lay off employees or if you do, rehire them by December 31, 2020. 
• For your employees who make less than $100,000 a year, you either do not cut their wages by more than 25% or if you do, you restore their original wages by December 31, 2020. 
• Note: If you received an EIDL Advance, the amount of that EIDL Advance will be deducted from your total forgiveness amount.