Free Money Is Still Available (PPP)

If you haven’t yet applied for a Paycheck Protection Program (PPP) Loan, then there is still time.  The deadline for applying has been pushed back to August 8, 2020.

One of the most attractive features of the PPP Loan program is that borrowers who spend the money on the intended expenses can get some or all of the loan forgiven.  The intended expenses are:

• payroll
• rent
• mortgage interest and
• utilities

Forgiveness is also tied to retention of staff (headcount) and supporting payroll levels (retaining staff at 75% or more of their pre-Covid wages and hours).  Businesses that lose headcount may still be eligible for reduced forgiveness.

ASA compiled a list of Frequently Asked Questions on the PPP; the FAQ page includes information on eligibility.  If you are eligible but still have not yet applied, then please review the FAQ for more details and instructions.

ASA just finished a webinar on the process for obtaining loan forgiveness.  It is available on-demand, here.  Even if you haven’t yet hit the point of loan forgiveness, it is worthwhile to understand the requirements for loan forgiveness, so that you can take the right steps to maximize your forgiveness potential.