On PPP loans, time to seek forgiveness or ask for more
Written by Gabriel Poblete on August 11, 2020
With the third round of Paycheck Protection Program loans finished, recipients of the loans find themselves either ready for loan forgiveness or still in need of more financial assistance.
Under the Paycheck Protection Program, approved as part of the $2.2 trillion Covid-19 relief plan known as the CARES Act, businesses can obtain a forgivable loan in exchange for keeping their workers on the payroll. The loans are to be used to pay workers and other approved expenses, including interest on mortgages, rent and utilities. The deadline to apply for PPP loans was Aug. 8, and Congress has yet to pass a plan approving another round of PPP loans.
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