Making sense of the Forgiveness aspect of the Paycheck Protection Program (PPP) isn't easy. To help answer your questions, John Caldwell and Jen Moyer break down what small businesses need to know.
While the Paycheck Protection Program (PPP) is still accepting loan applications, nearly 5 million small businesses have received and used loans. Now the challenge is taking advantage of the Forgiveness part of the program. While the SBA has been consistent that the loan will be fully forgiven if the funds are used for payroll costs (60%), interest on mortgages, rent, and utilities. Sounds easy, until you dig into the forms, the document requirements - even your bank isn’t totally sure how this is all going to work.
John Caldwell and Jen Moyer join Scott Case on Founders Focus to give an update on where things are right now, what borrowers should think about, and the kinds of documentation they are likely to need.
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