WebApr 11, 2024 · The documentation required for PPP loan forgiveness of utilities will depend on the type of expense being claimed. Generally, borrowers must provide documentation that shows: The existence of the obligation or service prior to February 15, 2024, and the amount of the obligation or service during the covered period WebPPP loan proceeds are required to be spent only on allowable costs during the eight- or 24-week covered period. Rep. Dean Phillips (D MN) introduced the bill on May 26. The House …
Paycheck Protection Program: Loan Necessity Questionnaire (Non …
WebJun 23, 2024 · This borrower reduced a full-time employee’s weekly salary from $1,000 per week during the reference period to $700 per week during the covered period. The … WebFeb 19, 2024 · You have to apply for loan forgiveness within 10 months of the end of the covered period of your loan. You cannot apply for loan forgiveness of a PPP2 loan before a PPP1 loan (but you can file for forgiveness at the same time). We received the funds on April 24 2024. Should we have applied for forgiveness in Oct which would have been the 24 ... my family dollar application
Paycheck Protection Program Flexibility Act of 2024 - Investopedia
WebNov 18, 2024 · The SBA opened the PPP forgiveness portal to lenders on Aug. 10, 2024. Small business owners have approximately 16 months from the date the loan was originated – or 10 months from the end of the covered period – before they have to start payments on their PPP loans, and they can apply for forgiveness at any time during that time period. WebJun 17, 2024 · Both applications give borrowers the option of using the original 8-week covered period (if their loan was made before June 5, 2024) or an extended 24-week covered period. These changes will result in a more efficient process and make it easier for businesses to realize full forgiveness of their PPP loan. WebJun 14, 2024 · The regular Form 3508 requires all of the above, plus a schedule reflecting the number of full-time equivalent employees during the borrower’s covered period and … offshore delivery