PPP Loan Forgiveness Just Got Easier
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I’m ready to submit my application for PPP loan forgiveness, but do I understand correctly that if you also got an SBA loan, you have to deduct the amount of the SBA loan from the amount to be forgiven? In other words, if you have an SBA loan in an amount equal or greater than your PPP loan, then you don’t qualify for forgiveness of your PPP loan?
3 Replies
Amy Kerr
from Silver Mountain Jewelry
I believe that if you received the EIDL loan, the advancement ($1,000-$10,000), which is forgivable, is deducted from your PPP. For example, EIDL for $100,000, advancement $10,000. Balance on that loan is $90k. PPP loan for $50k, you would deduct that $10k so $40,000 would be forgiven.
Tony D'Anna
from Let's Walk Chicago
The EIDL LOAN is unrelated to PPP. The EIDL GRANT previously reduced the amount of forgiveness. This is NO LONGER the case. It just needs to be disclosed that you received the grant.
Maria Garcia
from Bencomo Enterprises
I submitted my forgiveness application a month ago. I just hope I filled out correctly and they have all the information they need. I keep hearing the process got easier. I hope so.
Michael Finazzo
from Brown Smith & Settle LLC
Tony is correct. The consolidated appropriates act that was signed into law on December 27th changed it. You are eligible for full forgiveness. Assuming you would have been otherwise.
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