PPP Loan Forgiveness Updates By Sanjiv Gupta CPA

Posted  704 Views updated 4 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.

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