Paycheck Protection Program Forgivability Explained

April 7, 2020

Looking for an easy digestible explanation for how the Paycheck Protection Program (PPP) works? Check out this great video from colleague, Chelsea Whalley of J Donovan Financial.

PAYCHECK PROTECTION PROGRAM

  • Total Loan Value: Lesser of 10 million or 2.5x the average monthly total payroll incurred in the one year period prior to the loan start date.
  • Forgivable Portion: 8 weeks from the loan start date used for payroll, interest on mortgage, rent and utilities. At least 75% to payroll.
  • Main Point: The FORGIVABLE portion of the loan is tied DIRECTLY to Employees being paid- if you decrease wages or terminate, the forgivability is threatened.
  • *This loan is designed specifically to connect employees back to their employers.
  • * Loan Application: https://home.treasury.gov/system/file…
  • Find Approved Lenders: https://www.sba.gov/funding-programs/…

 

 

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Susan L. Combs, founder and CEO of Combs & Company, is a visionary leader transforming the insurance industry with innovation, integrity, and a commitment to educating and empowering every client.

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