True, but doesn't 75% of the amount have to go toward payroll related costs?

Report problem with this ad

Apr 7, 2020
4:56:39pm

CLCougar All-American

The remaining 25% can go towards rent, utilities, etc.. That was my read

Report problem with this ad

CLCougar

Bio page: CLCougar
Joined: Apr 17, 2002
Last login: Jun 10, 2024
Total posts: 18,851 (358 FO)

Report problem with this ad

Messages

Author

Time

Let’s talk PPP. My lender says the loan is given out now and the potential

Idahofallsblue

4/7/20 3:43pm

You have to re apply for forgiveness through the lender

1984coug

4/7/20 3:45pm

I'm no expert but it seems pretty clear

Schultz is back

4/7/20 3:46pm

No, you have to use 100% of it for those items

volleyjiver

4/7/20 3:47pm

That makes sense. Thank you

Schultz is back

4/7/20 3:48pm

To clarify, 100% of the forgiven portion must be used for those items.

BYUCLA

4/7/20 3:49pm

True, but doesn't 75% of the amount have to go toward payroll related costs?

CLCougar

4/7/20 4:56pm

Yes, at least 75% Of the amount forgiven must be spent on payroll and

BYUCLA

4/7/20 5:27pm

You do know it will be forgiven, if you use it for payroll, mortgage, or rent

volleyjiver

4/7/20 3:46pm

My understanding is that the documentation required for forgiveness will be

m0resn0w

4/7/20 3:46pm

You will likely only get up to 25% of the loan forgiven.

RexIdaCoug

4/7/20 3:47pm

It is 100% guaranteed as long as you spend it on the qualified expenses

BYUCLA

4/7/20 3:51pm

Actual photo of banker issuing these loans.

PJMort

4/7/20 3:51pm

Forgiveness will only apply for payroll costs paid out 90 days after loan

4/7/20 3:59pm

I only let my kids talk about PPP in the bathroom

bruincoug

4/7/20 4:08pm

Thanks for the answers guys. A poorly written and unedited post on my part

Idahofallsblue

4/7/20 4:14pm

Just how old are these speaking babies? You might be sitting on a goldmine!

m0resn0w

4/7/20 4:17pm

9 weeks

Idahofallsblue

4/7/20 4:19pm

RE: 9 weeks

Posting on CougarBoard