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Apr 7, 2020
3:47
:04
pm
RexIdaCoug
All-American
You will likely only get up to 25% of the loan forgiven.
I think the real estate that you have to use the 25% that is forgivable for payroll, rent, mortgage or utilities. I could be wrong though.
This message has been modified
Originally posted on Apr 7, 2020 at 3:47:04pm
Message modified by RexIdaCoug on Apr 7, 2020 at 3:47:32pm
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RexIdaCoug
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RexIdaCoug
Joined
Nov 17, 2006
Last login
May 7, 2024
Total posts
17,383 (2,317 FO)
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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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