Small business owners who applied for the Paycheck Protection Program (PPP) have a chance to have the loan forgiven by filling out the recently released Loan Forgiveness Application.
Despite the new documentation, some business owners are in the dark about the process given the length of the application and stringent requirements.
For one, borrowers will be ineligible for forgiveness on unspent capital — but the timing for spending it is more flexible.
Make sure you document everything, including what you used to pay yourself alongside payroll information.
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Last week, the Small Business Administration (SBA) and the Treasury released the Loan Forgiveness Application for the Paycheck Protection Program (PPP). Small business owners across the country who received funding from the SBA through the PPP were anxiously awaiting this documentation to get confirmation on important details surrounding loan forgiveness, especially borrowers who were funded in the first weeks of the program back in early April.
The forgiveness application and its accompanying instructions came with quite a few unexpected developments for small business owners. The whole process is nothing less than a “ticking time bomb,” according to Parker Conrad, CEO of payroll provider Rippling. …read more
Source:: Businessinsider – Strategy