I don't really understand the new rule of PPP funding stated on SBA.?
Originally it was 75% payroll and 25% on rent and utilities. Now its 60% payroll and what about the other 40%? Can I use the remaining 40% on payroll as well to get the full amount of loan forgiveness? Please advise.
- EvaLv 73 weeks ago
You can use it all on payroll if you like. It's only the minimum 60 % you have to worry about meeting for forgiveness. Remember that you have to get your FTEs up as well, but you have from the time the loan was funded until 12/31 to do so. If you make it at any time during that period, it's good. For more information look at the updated information at NFIB.com. It seems like they make changes to this program weekly. I've done 23 hours of continuing education on it already.