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Paycheck Protection Program Forgivability Explained
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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
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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