Tips for PPP Loan Forgiveness

Is it time for you to start preparing your company documents to apply for PPP (Payment Protection Program) loan forgiveness? Here are a few tips to help you receive your loan forgiveness:

  1. Keep your spending records for the time span of the loan protection. This includes bank statements, receipts to landlords, receipts for utilities, receipts for employee payroll.

  2. Create a loan tracker spreadsheet. This will help you to track how much of the has been used and what percentage of the loan is allocated to each spending categories that is allowed: payroll, rent, mortgage.

  3. Plan to apply for your loan forgiveness. See loan maturity and details here on when you may be expected to apply for loan forgiveness based on when you applied for and received your PPP loan. Go over all documents. Complete the loan application. Wait for details on your loan forgiveness amount.

  4. Wait for details on your loan forgiveness amount.

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