PPP Loan Forgiveness Updates By Sanjiv Gupta CPA

Posted  1,122 Views updated 11 months ago

New guidelines has come in for PPP loan forgiveness. Sanjiv talks about the recent updates and how small business can better prepare them-self.

You can now review the loan forgiveness application under the Paycheck Protection Program.

  • If you are an Independent contractors or self-employed than you can apply up to eight weeks of your pay based on their 2019 income tax return or $15,385 — whichever is the lesser — toward forgiveness. 
  • Please do note that your retirement plan contributions and health insurance premiums aren’t forgivable unless your business has employees.
  • You may choose to borrow less than the maximum amount allowed.