What is the lookback period for PPP loan forgiveness?
David Craig 
Borrowers have 10 months from the end of their covered period to apply for forgiveness before they will need to start repaying their PPP loan. Lenders have 60 days to make a decision on loan forgiveness.
How do I ensure my PPP loan is forgiven?
Use the following tips on how to make sure your PPP loan is forgiven to get started:
- Use it for eligible expenses.
- Keep your employee headcount up*
- Don’t reduce an employee’s wages by more than 25%*
- Document everything.
- Talk with your lender.
- Apply for loan forgiveness.
What is excluded from PPP loan forgiveness?
First, borrowers are exempted from the loan forgiveness reduction arising from a proportional reduction in FTE employees during the covered period if the borrower is able to document in good faith an inability to rehire individuals who were employees of the borrower on February 15, 2020, and an inability to hire …
What is the forgiveness limit for a PPP loan?
Under the PPPFA, forgiveness eligibility for loan proceeds put toward nonpayroll expenses — rent, mortgage interest, and utilities — is capped at 40% of the total loan amount. For example, you’re eligible for forgiveness on $9,000 of a $10,000 loan if you:
When do you qualify for Paycheck Protection Program loan forgiveness?
Borrowers may be eligible for Paycheck Protection Program (PPP) loan forgiveness. First Draw PPP loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement: The loan proceeds are spent on payroll costs and other eligible expenses; and
Can a PPP loan be forgiven by the SBA?
Yes! The SBA is currently taking applications, however you must first apply to your lender. Check out our overview for an up-to-date list of PPP lenders accepting forgiveness applications. Let’s first review the terms of using your PPP loan.
When does a PPP loan need to be spent?
The loan proceeds are spent on payroll costs and other eligible expenses; and At least 60% of the proceeds are spent on payroll costs Second Draw PPP loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:
