Posted by Jean Ma on PPP (SBA)
The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.
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Under the PPP, the maximum loan amount is the lesser of $10 million or an amount that you will calculate using a payroll-based formula
i. Example 2 – Some employees make more than $100,000 Annual payroll: $1,500,000
Subtract compensation amounts in excess of an annual salary of $100,000: $1,200,000
Average monthly qualifying payroll: $100,000
Multiply by 2.5 = $250,000
Maximim loan amount is $250,000
iii. Example 3 – No employees make more than $100,000, outstanding EIDL
loan of $10,000.
Annual payroll: $120,000
Average monthly payroll: $10,000 Multiply by 2.5 = $25,000
Add EIDL loan of $10,000 = $35,000 Maximum loan amount is $35,000