what is the criteria for forgiveness of the loan? Do they have to prove

Mar 27, 2020
2:54:11pm

Chester Copperpot All-American

anything related to loss of income related to COVID-19? I have had clients that are essential businesses that are still open and operating and haven't been shutdown and they are wondering if they get loan forgiveness.

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Chester Copperpot

Previous username: Chester CobberPot
Bio page: Chester Copperpot
Joined: Jun 10, 2005
Last login: May 3, 2024
Total posts: 21,459 (668 FO)

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Messages

Author

Time

BIG change in understanding of loan limit

boogers

3/27/20 2:49pm

what is the criteria for forgiveness of the loan? Do they have to prove

Chester Copperpot

3/27/20 2:54pm

prove your payroll and allowed expenses for the 8 week "covered period"

boogers

3/27/20 3:01pm

so you don't have to be negatively affected at all, just make payroll?

Chester Copperpot

3/27/20 3:45pm

What if you are a new business and didn't have w-2 employees in March-June 2019?

gilmerbuckeye

3/27/20 2:58pm

dunno...I assume they will use whatever you have get average.

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