PPP Loan Forgiveness Has Started, but You May Want to Hold Off on Applying Eager as you may be

Industry News,

“…the Small Business Administration started allowing PPP loan recipients to apply to have that debt forgiven. But you may want to hold off on taking that step.

Why it pays to sit tight

The rules surrounding PPP loan forgiveness have continued to evolve since the program was first rolled out. Initially, businesses needed to spend 75% of their loan proceeds on payroll to qualify for forgiveness, but that threshold was later lowered to 60%. Small businesses have also been given more time to use up their loan funds since the program began.” Read more