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How to Apply for SBA PPP Loan Forgiveness?

To apply for SBA PPP Loan Forgiveness, we need to understand what is a SBA PPP program and how it works and what are the eligibility criteria to Apply for PPP Forgiveness? So just learn few basics of SBA PPP loan program.

Why SBA PPP also called as Grant or What is SBA PPP Forgiveness?

SBA PPP is a forgivable loan program which is meant to keep small business owners and their employee working for 8 weeks period from the time you received the loan. This loan also can be used to pay mortgage interest, rent and utilities bills for 8 weeks from the time you have received the loan. These are the cases where you can use the loan for and have the loan(principal + Interest) forgiven which means you don’t have to pay it back which effectively makes it a grant to you by SBA.

What else you can use the SBA PPP loan?

You can also use this loans for any other categories just like any other business loan but those usage of loans will not be forgiven.

What is SBA PPP (Paycheck Protection Program) loan?

It was a SBA Business loan program passed into law as part of the cares Act which was signed on March 27th 2020. This program has been authorized up to $349 Billion dollars to provide loans to small businesses across the Unites State.

Rates & Terms

There is no guarantee or collateral required for this loan. The loan amount is calculated as two and half times of your average monthly payroll and the maximum loan amount per business is $10 Million Dollars. It has a fixed interest rate of 1% and term is 2 years for the loan amount that has been used in non-forgiven category. It has monthly repayment. To avoid higher interest, you can pay it back before 2 years as well and there is no prepayment penalty for doing that.

Businesses Eligible & Rules for Loan Forgiveness as below:

Use of proceed: Payroll costs, mortgage interest, rent and utilities.

Entity Type: All businesses including non-profit, veterans organisations, tribal concern, self-employed individuals, sole proprietorships and independent contractors with 500 or fewer employees. In some cases, Even if you have more than 500 employees also eligible if they meet industry specific size standard.

Citizenship is not required but must have Tax ID number (EIN/SSN).

All Owner must have 20% minimum ownership need to be on the loan.

No Minimum credit score Required

No Minimum Revenue Required

No Minimum time required although must be in operation in February

How to get your paperwork ready to apply for SBA PPP Forgiveness?

To get a full loan forgiveness or a part of it, you must follow the process with complex rules and calculations. Any small size Error on PPP Forgiveness application or with documents will leave your application on the table.

If you or your Business has received SBA PPP. We are here to help with all the paperwork for the PPP Forgiveness application to get a error free Application with our help of Professional CA. So what are you waiting for ?