First Draw PPP loans made to qualified borrowers are eligible for total loan forgiveness throughout the 8 to 24-week period.
Next Draw PPP The loan forgiveness agreement stipulated that at least 60% of the revenues must be used for payroll expenses.
At Fort Stewart, an Army Officer submitted over 150 false PPP loan applications.
Las Vegas billionaire allegedly misappropriated $11 million in PPP loans to support his lifestyle!
PPP loan forgiveness initiatives are diminishing as the prospect of new Covid-19 relief funding fades.
The PPP period was extended from March 31, 2021, to June 30, 2021, by the PPP Extension Act.
For PPP loans made after March 31, 2021, California law does not permit exclusion from income.
According to an SBA announcement, 80% of the $791 billion in PPP loans were forgiven.
PPP loans fell from $23.9 million in the fourth Q4,21 to $8.7 million in the Q1,22.
Over 21 million loans have been funded through the PPP, totalling about $800 billion.