Please review the below information as we will update this page as more information becomes available from the Small Business Administration (SBA).
According to the SBA, “The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll).”
The SBA clarifies by including, “Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.”
At this time the SBA, has not released a process or instructions on how to begin forgiving these loans. The SBA did post a Frequently Asked Questions PDF to their site for Lenders and Borrowers on information regarding PPP which includes loan information on the May 14th, 2020 deadline for those wishing to return the unused funds.
As more information becomes available from the SBA regarding the forgiveness of your PPP Loan, we will include it here. We encourage you to keep clear and concise records that illustrate the usage of your loan funds so that you can begin the process for forgiveness once guidelines are specified.
For more information tailored specifically to you or if you have questions regarding your request, please contact your lender directly or call us at 630.570.7730. We are here to help ensure all of us get through this together.