PPP Loan Forgiveness Has Started, but You May Want to Hold Off on Applying
Though the COVID-19 pandemic has done a number on the economy, small businesses have perhaps been hurt the most. Over 100,000 small businesses have closed permanently in the course of the ongoing recession, and more risk a similar fate as COVID-19-related restrictions continue to change the way local establishments operate.
If you own a small business, you may have gotten a Paycheck Protection Program (PPP) loan earlier on in the pandemic. Many small businesses applied for assistance back in April when it initially became available, and received funding later that month or in May.
PPP loans held particular appeal for small business owners for one big reason: They're eligible for complete forgiveness provided that 60% of their proceeds or more are used to cover payroll costs. Over 5 million small businesses have already received PPP funding, and the program has saved millions of jobs over the past few months.
Source Fool.com
