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  3. Paycheck Protection Program (PPP)

What are PPP loan forgiveness requirements?

At least 60% of your loan must be used for payroll costs and 40% on mortgage interest, rent, and utilities.

In the 24 weeks following your loan signing date, all expenses related to the following can be forgiven:

  • Payroll—salary, wage, vacation, parental, family, medical, or sick leave, health benefits

  • Mortgage interest—as long as the mortgage was signed before February 15, 2020

  • Rent—as long as the lease agreement was in effect before February 15, 2020

  • Utilities—as long as service began before February 15, 2020

You’ll need to keep your records and have accurate bookkeeping to prove your expenses during the loan period. You will also need to have spent 60% of the loan on payroll in order to qualify for loan forgiveness.

The lender must make a decision within 60 days of your forgiveness application submission.