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re: Any word on when this PPP loan can be forgiven ?
Posted on 9/23/20 at 1:22 pm to Slevin7
Posted on 9/23/20 at 1:22 pm to Slevin7
So, our business is now eligible to apply for forgiveness. One question I can't figure out the answer to though - since we received a loan based on 8 weeks of payroll and the forgiveness extended to 24 weeks, we have clearly spent well over the required payroll amount to qualify for forgiveness. So on line 1 of the forgiveness application, do I put the total payroll costs for our 24 week period even if it exceeds the total loan amount? It seems like since we spent so much more on payroll during the covered period, even if we had a small FTE reduction, it would still qualify for full forgiveness since it would basically be reducing a number that is 3x bigger then the actual loan amount.
Posted on 9/24/20 at 7:14 am to Spock
Anyone use chase and got the green lite to request forgiveness? I haven’t seen anything stating they are taking the apps now.
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