How to Make Your PPP Loan Forgivable

Millions of small businesses received loans through the Payroll Protection Program. This is the ONLY SBA loan that is 100% forgivable.

Like all things government, their are a number of rules and guidelines to follow to ensure your loan is forgivable.

Here are some key points:

At least 75% of the PPP money has to be spent on payroll costs to be forgiven
You can use up to 25% of the PPP money for items like: utilities, mortgage interest, and rent
You have 8 weeks to spend the money
Any portion of the loan that is not forgiven remains a loan at 1% interest for 2 years
If you use the money for any other purposes in the 8 weeks you can be charged with fraud

Here is a brief video interview I did with the Greensboro Chamber of Commerce. Skip to Minute 22 for my portion.

I have also created a course to help business owners fully understand how to use the money and how to track it so it will be forgivable.