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Paycheck Protection Program

Take a look at the part that talks about the small business loans and the paycheck protection program. This indicates that loans that are used for payroll can be forgiven.

https://www.uschamber.com/co/small-business-coronavirus

Paycheck Protection Program

The Paycheck Protection Program, one of the largest sections of the CARES Act, is the most important provision in the new stimulus bill for most small businesses. This new program sets aside $350 billion in government-backed loans, and it is modeled after the existing SBA 7(a) loan program many businesses already know. hope you are doing well and are safe.

Can these loans be forgiven?
Yes, small businesses that take out these loans can get some or all of their loans forgiven. Generally speaking, as long as employers continue paying employees at normal levels during the eight weeks following the origination of the loan, then the amount they spent on payroll costs (excluding costs for any compensation above $100,000 annually), mortgage interest, rent payments and utility payments can be combined and that portion of the loan will be forgiven.

I hope you are doing well and are staying healthy.

John C. Holden, Esq.
Holden Law Firm, PLLC
6600 France Ave. South, Suite 465
Edina, MN 55435
952-345-8272
John@holdenlawfirm.com
www.holdenlawfirm.com

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