During the coronavirus pandemic, the Small Business Administration (SBA) launched the Paycheck Protection Program (PPP), an SBA-backed loan that helps businesses keep their workforce employed during the COVID-19 pandemic.
Discover how our bilingual professionals at Rafael Marrero & Company can help you navigate the PPP loan forgiveness SBA program. See if you may be eligible for loan forgiveness and find out how to start the application process today.
How to Get PPP Loan Forgiveness
Find out how to get PPP loan forgiveness with the help of our professional team. We work with you to navigate the following steps.
- Determine the eligibility of your lender
- Gather necessary documents
- Submit the forgiveness documentation and forms
- Monitor your application
PPP Loan Forgiveness Guidelines
An applicant’s PPP Loan forgiveness is not automatically guaranteed. The SBA will carefully evaluate applications to determine if the fund proceeds were used in accordance with the terms and conditions of the CARES Act and official US Treasury guidance.
The acceptable uses of the funds are covered under PPP loan forgiveness guidelines. They are very specific and complex, particularly when it comes to owner compensation and permissible, allowable expenditures. These permissible uses include but are not limited to covering payroll expenses, paying the mortgage or rent of the business, and utilities, such as water, Internet, electricity, etc.