PPP loan recipients can have their loans forgiven in full if the funds were used for eligible expenses and other criteria are met. Business swamped the PPP with loan requests when it launched in early April, claiming the initial $349 billion allocated to the program in less than two weeks.
Dec 29, 2020 · Under requirements set by the Small Business Administration, businesses have 10 months after the end of their PPP loan’s covered period to complete their loan forgiveness application. Applications submitted after that 10-month period will require the borrower to begin paying the principal and interest.
4. Third-party certification is not necessary for the loan application. The borrower is solely responsible for certifying to the statements described in 13 CFR Part Part 2 - PPP Loan Forgiveness I. Loan forgiveness documentation for employers 1. Payroll tax reports: 2020 IRS Forms 941, state income and unemployment tax
Apr 16, 2020 · A business may choose either a PPP loan or the credits, not both. If a business takes the credits and obtains a PPP loan, the credits are recaptured and must be repaid to the Internal Revenue Service.
Sep 09, 2020 · PPP loans are forgivable if borrowers meet certain conditions, including maintaining employee headcount and spending at least 60% of the loan on payroll expenses. "While we know that we are working through a period of unprecedented turmoil," it's "important to continue to hold ourselves to the highest standards of conduct," JPMorgan Chase said ...
Apr 22, 2020 · The maximum loan amount for each business was $10 million or 2.5 times their monthly payroll. Based on his expenses, Sorrentino expected to get up to $1,442,500 – 2.5 times the monthly payroll at his three restaurants. JPMorgan Chase provided publicly traded companies with PPP loans while putting Sorrentino’s application on ice.
It appears that, in addition to the PPP loan application inquiries, they are also having businesses submit at least one form of payroll proof, but they can upload up to four forms. This includes third-party payroll processor forms, W2/W3, 940, and 941 information.