PPP Loan 2022 Guide

Full form of ppp is Paycheck Protection Program (PPP)

The Paycheck Protection Program is a $953-billion business loan program

According To research  the effectiveness of the Paycheck Protection Program(PPP) revealed that  ....

PPP loans helped reduce job losses at eligible firms by 12.9 percentage points. That’s about 7.5 million American jobs.

The best part about this program which was backed by the US small business administration (SBA) is that all loans issued to businesses are forgivable if the set conditions were met.

Business owners can no longer apply for PPP loans because the program is closed but, existing borrowers can apply for forgiveness.

Requirements to qualify for PPP loan forgiveness-

1) 8-24 weeks expense coverage 2) The 60/40 rule. 3) Staffing requirements. 4) Pay requirements

Required documents for PPP loan forgiveness

1) First-draw PPP loan 2) Second-draw PPP loan. 3) PPP loans of over $150,000.

How to apply for PPP loan forgiveness

SBA has a direct forgiveness program that allows you to apply for forgiveness directly from their site.

 If your business received a loan of more than $150,000 you will have to apply for loan forgiveness directly with your lender.