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Apr 7, 2020
3:46
:16
pm
Schultz is back
All-American
I'm no expert but it seems pretty clear
that if you use the funds you receive for payroll, utilities, rent/mortgage you won't have to pay it back. I think you actually only have to use 80% of the funds for those things in order to get the "loan" forgiven.
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Schultz is back
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Schultz is back
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Jan 14, 2013
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May 19, 2024
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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
g$
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
m0resn0w
4/7/20 4:22pm
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