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

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Apr 7, 2020
3:47:25pm

volleyjiver All-American

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

but 75% of it has to be for payroll. Only 25% can be for mortgage, rent, and/or utilities.

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volleyjiver

Bio page: volleyjiver
Joined: Aug 13, 2011
Last login: May 29, 2024
Total posts: 8,668 (393 FO)

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Messages

Author

Time

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

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

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

4/7/20 4:19pm

RE: 9 weeks

m0resn0w

4/7/20 4:22pm

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