Paycheck Protection Program (PPP) - Now what?
HT Solutions can help you understand the
SBA Loan Forgiveness Application and calculations.
You've received the PPP...
... and want to have it forgiven. The PPP loan forgiveness application and instructions are now available. You will be eligible to submit your application with your lender 8 weeks from the date you received your PPP loan funds.
Quick Tip about PPP Loan Forgiveness Calculation
Are you confused about what period to use to calculate your 8 week payroll? The PPP Loan Forgiveness Application from the SBA has specific details about the Covered Period copied here.
Covered Period: 8 weeks or 56 days with the first day being the same as your PPP Loan Disbursement Date.
Alternative Payroll Covered Period: For those who have a biweekly (or more frequent) payroll schedule. You may elect to calculate payroll costs that begin on the 1st day of your 1st pay period following your PPP Disbursement Date. If you received disbursement for your PPP on April 20, and if the first day of your 1st payroll following this disbursement is April 26, then the first day of the Alternative Payroll Covered Period would be April 26 and the last day of the Alternative Payroll Covered Period would be June 20 ( 8 weeks or 56 days).
Haven't gotten the PPP yet...
... the deadline is June 30th, and, yes, the SBA is still taking applications for small businesses and sole proprietor-ships. You must apply through an SBA approved bank or other financial institution. HT Solutions can help you apply when you're ready.