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You can apply once the funds are spent, if your bank is accepting applications.
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If you choose 24 weeks you do not have to wait the full 24 weeks to ask for forgivness.Choosing 24 weeks often means having more forgiven. 24 weeks to use the PPP loan funds instead of the previous 8 weeks (known as the "covered period"). You can choose 8 weeks if the loan was issued before June 5, 2020.(FAQ page 7)Ĭongress has passed updates to the PPP loan which include the following: The Treasury intends this to mean transportion fees assessed by a utility service. The PPP loan rules said transportation costs could be paid as utility expense.Businesses can renew their leases as long as the lease was in place before Februand continue using PPP loan funds to pay the rent costs.Self-employed owners who did not submit a Schedule C with their PPP loan application must submit one with their forgiveness application.Self-employed owners cannot include the cost of health insurance premiums or retirement benefits in the forgivness amount, but just like S-Corp owners above the total forgivness for each owner is 2.5 months of 2019 earnings. (FAQ page 5).The total forgivable pay for owners remains 2.5 months of 2019 pay in total, including health benefits. S-Corp owners can include premiums for group health insurance as part of their W2 compensation.If an owner has multiple businesses and multiple PPP loans, owners compensation is capped at $100,000 in total across all businesses.The payments cannot be forgiven if they relate to other periods before or after the covered period. Health insurance costs and retirement costs cannot include any amounts paid by the employee and the payments must relate to the covered period (8 weeks or 24 weeks).Forgivable payroll costs include all forms of cash compensation including tips, commissions, bonuses and hazard pay (FAQ page 3).No covered period can extend beyond this date even if 24 weeks would extend into 2021. All PPP loan funds must be used by December 31, 2020.Interest is only due to paid on unforgiven amounts. Borrowers have 10 months to apply for forgivness.
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You can find the full FAQ on this link here: FAQ on Loan Forgiveness. We still await congress passing blanket forgivness for borrowers which is being discussed by has not passed the House or the Senate.
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On the Treasury issued new guidance on PPP loan forgivness.