PPP Loan Guidance
PPP Loan Guidance https://drive.google.com/file/d/1np6pcehLAixle9MTvzepWWRrW4Ngz_ze/view?usp=sharing
Description:
The Paycheck Protection Program (PPP) was established by section 1102 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to provide loans for businesses to maintain their workforce and cover necessary overhead costs to continue buisness operations during the COVID-19 pandemic. Businesses could use the loan for certain expenses like payroll, payroll taxes, rent, mortgage interest, and utilities.
Section 1106 of the CARES Act allows borrowers to receive load forgiveness for all or part of their loan. A/E firms were eligible for this load and loan forgiveness.