Small Businesses Can Apply for PPP Loan Forgiveness, but These Questions Remain Unanswered

Posted By American Med Spa Association, Tuesday, May 19, 2020

Small-business owners who borrowed from the federal Paycheck Protection Program (PPP) can now apply for loan forgiveness.
Getting the balances erased may be easier said than done.
The PPP loan, which was established by the CARES Act, is intended to cover up to eight weeks of wages, mortgage interest and other expenses.
The amount borrowed is supposed to be forgivable if at least 75% of the proceeds are used to cover payroll, according to the Small Business Administration. Meanwhile,  any amounts that aren’t forgiven must be repaid in two years at a rate of 1%.

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