Tips to Maximize Forgiveness of Your PPP Loan

If you’ve applied and received funds from the Paycheck Protection Program (PPP), you want to know how to maximize forgiveness of the loan. Consider the following steps from ADP:

  1.  Maintain staffing levels
  2.  Maintain pay levels
  3.  Only use the PPP loan for permitted uses
  4.  Spend the loan proceeds, or incur qualifying costs, within of the applicable Covered Period or Alternative Payroll Covered Period
  5.  Use at least 60% on payroll costs during the Covered Period or Alternative Payroll Covered Period
  6.  *If applicable, reverse any reductions in staffing levels by December 31, 2020
  7.  *If applicable, reverse any reduction to an employee’s pay by December 31, 2020

To read more in detail, click here.

If you or your company have questions or a legal matter related to the PPP loan, or construction law issues, please contact Anderson Jones Attorneys by email or phone at (919) 277-2541.