234 5th Ave #501, New York, NY 100016
Maintain Eligibility for PPP Forgiveness
combsandco
Did you get the PPP loan and now you are concerned about making sure the loan is fully forgiven? Check out this great video from colleague, Chelsea Whalley of J Donovan Financial.
U.S. small businesses that were able to secure financial relief through the SBA’s Payroll Protection Program should consider the following to help their cause for qualification of forgiveness of the full principal amount of the loan and any accrued interest:
• Use the loan funds only toward: payroll, including salary, wages, tips and covered benefits for employees; rent or mortgage interest; and utilities.
• Ensure at least 75% of loan funds are allocated for payroll costs.
• Maintain the level of full-time employee (FTE) headcount without reduction during the eight-week covered period.
• Maintain the salaries and wages of your workforce during the eight-week covered period. Any reduction of more than 25% for any employee who makes less than $100,000 will reduce the amount forgiven.
• Preserve proper documentation to support the amount of proceeds used for payroll costs, rent or mortgage, and utilities.
• Prior to June 30, 2020, restore all full-time employment and salary levels back from any reductions made between Feb. 15, 2020, and April 26, 2020. As mentioned above, preserving proper documentation is important, as this information will be used by your lender when evaluating whether an employer qualifies for PPP loan forgiveness.
For more information regarding loan forgiveness eligibility, go to the following link:
Video on how to APPLY for Forgiveness will be released tomorrow!
CEO & FOUNDER
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.
Let's Connect
We’re Ready to Assist!
Please provide your details, and we'll reach out to you as soon as possible.
Blog - Website Form
Search an article
Take the First Step
Confidence Starts with the Right Coverage
Every great plan begins with understanding your needs. Our experts will guide you through the process, ensuring your coverage provides protection, clarity, and peace of mind.
Call us now:
SHARE THIS POST:
Recent Post
choosing between employer paid vs voluntary dental plans? Combs & Company outlines pros, tax impacts, and retention benefits to help employers decide.
Benefits of offering employee medical coverage attract talent, boost retention, and cut costs. Combs & Company outlines ROI, tax advantages, and plan tips.
difference between personal and business auto insurance coverage — Combs & Company: Learn coverage gaps and when to choose commercial auto insurance.
What is commercial property insurance and why do you need it Combs & Company: Expert coverages, replacement vs. actual cash value, limits & quick risk tips
do I need product liability insurance for imported goods? Combs & Company explains coverage, costs, and steps to reduce your legal risk.
how does commercial general liability protect my business? Combs & Company details CGL coverage, duty to defend, limits and claims protection for your assets.
Let’s Talk About Your Goals
Our team listens, understands your priorities, and creates insurance strategies for your growth and peace of mind.
