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We Accepted Our PPP Funds, Now Exactly What? An Updated Guide to Loan Forgiveness

We Accepted Our PPP Funds, Now Exactly What? An Updated Guide to Loan Forgiveness

Timing of Payment of Non-Payroll expenses: qualified non-payroll expenses must either be compensated throughout the Covered Period or incurred throughout the Covered Period and paid on or prior to the next regular payment date, regardless of if the payment date is following the Covered Period. In some circumstances, borrowers can make re re payments of non-payroll expenses within the Covered Period with regards to non-payroll expenses that were incurred ahead of the Covered Period. For instance, if April lease wasn’t compensated on April 1, but later on compensated using PPP profits after such profits had been gotten, then your April lease will soon be considered compensated within the Covered Period and therefore qualified to receive forgiveness (let’s assume that most of April was at the Covered Period – if perhaps a percentage of April was at the Covered Period than April lease could be pro-rated with all the part in the Covered Period qualified to receive forgiveness). Continue reading