PPP Loan Forgiveness Updates By Sanjiv Gupta CPA

Posted  1,900 Views updated 2 years 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.