We Received Our PPP Funds, Now Just What? An Updated Guide to Loan Forgiveness

We Received Our PPP Funds, Now Just What? An Updated Guide to Loan Forgiveness

Timing of Payment of Non-Payroll expenses: qualified non-payroll expenses must either be paid throughout the Covered Period or incurred throughout the Covered Period and compensated on or prior to the next billing that is regular, regardless of if the payment date is following the Covered Period. In a few circumstances, borrowers could make payments of non-payroll expenses within the Covered Period with regards to costs that are non-payroll had been incurred ahead of the Covered Period. As an example, then the April rent will be deemed paid in the Covered Period and thus eligible for forgiveness (assuming that all of April was in the Covered Period – if only a portion of April was in the Covered Period than April rent would be pro-rated with the portion within the Covered Period eligible for forgiveness) if April rent was not paid on April 1, but later paid using PPP proceeds after such proceeds were received,. Read more