We're Here for Our Business Members
We hope your PPP Loan has been able to provide the emergency relief your business has needed during these unprecedented times. Now that you have received the funds, what should your next steps be?
Under the program, loans may be forgiven if borrowers use the proceeds to maintain their payrolls and pay other specified expenses.
In the coming weeks, your business will receive additional information on how to apply for loan forgiveness. In the meantime, please refer to the U.S. Chamber of Commerce guide to better understand the process by which your loan forgiveness amount will be calculated.
Key points in the guide include:
| • | Retention of employees — borrowers must be able to show same number as submitted on PPP application or proof of efforts made to retain employees | | • | Expenses qualifying for loan forgiveness — eligibility of payroll and non-payroll expenses | | • | Eight week period — identification of the period which expenses must be incurred | | • | Loan forgiveness reduction — how to determine the amount, if any, by which the maximum loan forgiveness will be reduced | | • | 75% rule — loan amount could be reduced if eligible non-payroll expenses exceed 25% of total eligible expenses | | • | Loan amounts not forgiven — for any loan amounts not forgiven, original loan terms will apply | | • | Record keeping requirements — borrowers will be required to submit certain documentation with their loan forgiveness application |
Stay tuned for more information and for links to begin the forgiveness process. |
