The Week (US)
What do I need to know about PPP loan forgiveness?
Loans given under the Paycheck Protection Program (PPP) helped more than 4 million small businesses survive during the pandemic. These loans are forgivable, provided you tracked your spending carefully, spent/used the money on/for eligible expenses (such as mortgage interest, rent, utilities, and payrolls), and maintained the required staffing and compensation levels, or made a good-faith effort to do so. Loan-forgiveness applications can be complicated, but believe it or not, the government has tried to make things easier this time around. For example, if your loan was worth less than $150,000, you can fill out a simplified one-page application, which also requires fewer calculations and less documentation. There are important deadlines to keep in mind, however: To avoid having to make payments, you have to submit your forgiveness application 10 months after the end of the so-called covered period of the loan, which is between eight and 24 weeks.