WebFeb 15, 2024 · Instructions for PPP Loan Forgiveness Application Form 3508S, Form 3508EZ, and Form 3508 including details on required documents, can be found on the following pages: PPP Loan Forgiveness Application Form 3508S (for loans of $150,000 or less) SBA 3508S PPP Loan Forgiveness Application & Instructions PPP Loan … WebMar 28, 2024 · Example – A borrower that received a loan before June 5, 2024 uses a 24-week covered period that begins on June 1 and ends on November 15. The borrower pays its electricity bills for June through October during the covered period and pays its November electricity bill on December 10, which is the next regular billing date.
Covered Vendor or Supplier Definition Law Insider
WebJan 8, 2024 · PPP borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks to best meet their business needs; PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures; WebMay 31, 2024 · No more than 40% of the funds can be used on mortgage interest, rent, utilities, covered operational expenses, covered property damage, covered supplier costs, and covered worker protections. Level of payroll : Your loan forgiveness will also be reduced if you decrease salaries and wages by more than 25% for any employee that … mostly younarw lying
Updated PPP Loan Forgiveness Guide: New Rules
WebSep 15, 2024 · Covered supplier costs, which is an expenditure made by the eligible entity to a supplier of goods for the supply of goods that: Are essential to the operations of the … WebApr 5, 2024 · The definition of a Covered Supplier Cost is “a good that is purchased from a supplier of that good that is essential to your business.” So, in a restaurant, an example of a Covered Supplier Cost would be your inventory, which is essential to the business and now qualifies as a non-payroll cost. WebJan 11, 2024 · Second draw PPP loans in an amount equal to 2.5 times the borrower's average monthly payroll costs (up to $2 million) are available for borrowers that have … mini countryman mpg figures