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ARTICLE · 04 JUNE 2020

How To Maximize Paycheck Protection Loan Forgiveness

Duane Morris LLP
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Receiving Paycheck Protection Program (PPP) loan proceeds? If so, we hope it provides much needed cash during these uncertain times. Now what?

United StatesFinance and Banking
Michael A. Gillen
Michael A. Gillen
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Receiving Paycheck Protection Program (PPP) loan proceeds? If so, we hope it provides much needed cash during these uncertain times. Now what?

Below we summarize the loan forgiveness rules and provide steps you should consider taking over the eight-week period from the point you received the PPP proceeds in order to ensure maximum forgiveness of your loan.

Use the Funds for Forgivable Purposes

Forgiveness of your PPP loan depends largely on whether you use the money to pay forgivable expenses. These include:

  • Payroll costs (if you're self-employed, these costs include the net profit amount from your business, as reported on your 2019 tax return),
  • Interest payments on mortgages incurred before February 15, 2020,

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Disclaimer: This Alert has been prepared and published for informational purposes only and is not offered, nor should be construed, as legal advice. For more information, please see the firm's full disclaimer.

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