How to know if your business qualifies for PPP loan forgiveness
WAUSAU, Wis. (WSAW) - The Payroll Protection Program loan kept many businesses afloat, and countless jobs saved. But now that is it time to repay that loan, the Better Business Bureau is issuing guidance on how to know if your business qualifies for loan forgiveness.
According to the Better Business Bureau, in order to qualify, you had to have kept all your full-time employees on payroll or have rehired them within 24 weeks of receiving the loan.
In order to receive a complete loan forgiveness, payroll costs must have been more than sixty percent of the amount forgiven. If you used less than 60 percent on payroll, you may be eligible for partial loan forgiveness.
Self-employed businesses can also qualify for 2.5 months worth of their 2019 net profit.
For more questions on how to apply, you can go to the BBB’s website.
Copyright 2020 WSAW. All rights reserved.