Here is a nice link I have been sharing that QuickBooks keeps updating on the Paycheck Protection loan program as updates become available:
To qualify for forgiveness you have to:
- Use 75% or more of funds on eligible payroll costs (compensation, additional wages or bonuses, and employee benefits up to $100k per employee)
- Use 25% or less of funds on eligible business costs (business mortgage interest, rent, or utility payments contract dated prior to 2/15/2020)
- DON’T USE THE MONEY ON ANY OTHER EXPENSES
- Use all of the money within the first 8 weeks you receive it!!
One item I highlighted below on a question I have been seeing on how you are affected by the Economic Injury Disaster Loan (EIDL) advance program, if you also received a Paycheck Protection Program (PPP) loan is:
Economic Injury Disaster Loan Advance
If you received an advance through the EIDL program, it will be deducted from your forgivable amount on a PPP loan.