{"id":1474,"date":"2020-06-05T17:15:14","date_gmt":"2020-06-05T22:15:14","guid":{"rendered":"https:\/\/www.northone.com\/blog\/?p=1474"},"modified":"2022-12-07T06:36:14","modified_gmt":"2022-12-07T11:36:14","slug":"sba-ppp-loan-forgiveness","status":"publish","type":"post","link":"https:\/\/www.northone.com\/blog\/financial-management\/sba-ppp-loan-forgiveness","title":{"rendered":"How To Get Your SBA Paycheck Protection Program Loan Forgiven"},"content":{"rendered":"\n<p>Since the Paycheck Protection Program&nbsp; (\u201cPPP\u201d) was announced, our team at North One has been working around the clock to make sure that <em>every<\/em> small business has the opportunity to apply for a relief loan and get the help they need to make it through this difficult time.&nbsp;<br><\/p>\n\n\n\n<p>We\u2019re proud to have been able to have helped business builders apply for tens of millions of dollars&nbsp;in loans for both new and existing customers, but our responsibility to small business owners doesn\u2019t stop there. Now that relief money has started rolling out, we want to make sure you have all the information you need to get your loan forgiven.&nbsp;<br><\/p>\n\n\n\n<p>We\u2019ve put together this easy to follow guide to PPP loan forgiveness. We\u2019ll take you through everything you need to know to make the most of your relief funds and get your business back on track.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_the_Paycheck_Protection_Program\"><\/span>What is the Paycheck Protection Program?&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"has-very-light-gray-background-color has-background\"><a href=\"https:\/\/www.sba.gov\/funding-programs\/loans\/coronavirus-relief-options\/paycheck-protection-program\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"The PPP  (opens in a new tab)\">The PPP <\/a>came about as part of the federal government\u2019s Coronavirus Aid, Relief, and Economic Security (CARES) Act. This program offers small businesses the chance to get a forgivable loan if they can prove their business has been negatively impacted by the COVID-19 crisis.&nbsp;<\/p>\n\n\n\n<p>So far $800-billion has been allocated to this program, a large chunk of which has already been loaned out to thousands of businesses across the country that applied for the PPP. The point of the PPP is to help small businesses cover payroll expenses as well as other basic costs that keep the lights on so businesses have the best chance of recovery when the crisis is finally over.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_should_my_PPP_loan_be_used_for\"><\/span>What should my PPP loan be used for?&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>If you want your PPP loan to be forgiven, 75% (or more) of the loan should be used to cover payroll. Small businesses employ 61.2 million people in the US &#8211; that\u2019s nearly half of all working people. The purpose of the PPP was to help small businesses pay their employees, helping the country avoid mass unemployment in the fallout from coronavirus. Payroll includes benefits like sick leave, parental leave, and vacation pay.&nbsp;<\/p>\n\n\n\n<p>While the&nbsp; main purpose of the PPP loan is to cover payroll it can also be used to cover other expenses including:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Interest on mortgage obligations, incurred before February 15, 2020<\/li>\n\n\n\n<li>Rent, under lease agreements in force before February 15, 2020<\/li>\n\n\n\n<li>Utilities, for which service began before February 15, 2020<\/li>\n<\/ul>\n\n\n\n<p>Make sure you are keeping a clear record of payments made with your PPP loan funds if you want the loan forgiven.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_counts_as_payroll\"><\/span>What counts as payroll?&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>When most people think of payroll they think of wages and salaries, but in the case of the PPP it\u2019s actually a little broader than that. Payroll can include the following expenses:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Salary, wages, commissions, or tips (capped at $100,000 on an annualized basis for each employee)<\/li>\n\n\n\n<li>Employee benefits including costs for vacation, parental, family, medical, or sick leave; allowance for separation or dismissal; payments required for the provisions of group health care benefits including insurance premiums; and payment of any retirement benefit.<\/li>\n\n\n\n<li>State and local taxes assessed on compensation.<\/li>\n<\/ul>\n\n\n\n<p>PPP loans can also be claimed by sole proprietors and independent contractors for:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Wages, commissions, income, or net<\/li>\n\n\n\n<li>Warnings from self-employment, capped at $100,000 on an annualized basis for each employee.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_much_of_the_SBA_PPP_loan_will_be_forgiven\"><\/span>How much of the SBA PPP loan will be forgiven?&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Technically the PPP loan can be 100% forgivable. However, if you use the loan for anything other than payroll costs, mortgage interest, rent, and utility payments over the 8 weeks after getting the loan, you will have to make repayments. If you want to make sure the majority of your loan is forgiven, no more than 25% of the loan amount should be used for non-payroll related expenses.&nbsp;<\/p>\n\n\n\n<p class=\"has-very-light-gray-background-color has-background\">Remember that the key purpose of the PPP loan is to make sure as many people as possible are able to stay employed through the coronavirus crisis. When considering where to invest your PPP loan funds, just remember that you will have to pay the loan money back if you do not maintain your staff and payroll.&nbsp;<\/p>\n\n\n\n<p>Here are some of the key rules to follow if you want your PPP loan to be forgiven:&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Check_last_years_records_before_making_payroll_decisions\"><\/span>Check last year\u2019s records before making payroll decisions.&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>A good rule of thumb is to remember that the PPP Loan is supposed to help your business maintain some resemblance to business as usual. If you make cuts to payroll, that are vastly different from last year, you will likely be forced to repay the loan. For example, if business is slow and there is not much for your employees to do, you might be tempted to encourage staff to take their vacation time. However, if this is not consistent with the previous year, you could be forced to repay your loan. Make careful decisions about spending and saving by making comparisons to last year\u2019s payroll expenses.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Maintain_the_number_of_staff\"><\/span>Maintain the number of staff&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>This is really important. Your loan can only be fully forgiven if you maintain your full-time headcount. Laying off staff should be an absolute last resort. While you may feel like it is your only option to cut costs, consider that it could cost you more in the long term, as you will be forced to pay back your PPP loan.&nbsp;<br><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Maintain_your_level_of_payroll\"><\/span>Maintain your level of payroll&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Your loan forgiveness will also be reduced if you cut salaries and wages by more than 25% for any employee that made less than $100,000 annualized in 2019. Your payroll should look the same or similar to last year.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Re-hire\"><\/span>Re-hire&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>If you have no choice but to make payroll cuts, but then receive a PPP loan, we strongly encourage you to consider rehiring. This could save you from having to pay back your loan. If the coronavirus forced you to make payroll cuts between the months of February 15, 2020 and April 26, 2020, you have until June 30th to rehire those team members and restore full-time employment and salary levels.&nbsp;&nbsp;<br><\/p>\n\n\n\n<p>You will have to repay some of your PPP loan if you don&#8217;t do this. If you offer to rehire staff and they refuse, you can include this in your headcount, just make sure you have the proper paper trail to prove it.<br><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_do_I_ask_for_PPP_loan_forgiveness\"><\/span>How do I ask for PPP loan forgiveness?&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>To get loan forgiveness you\u2019ll need to submit a request to the lender that serviced your loan. If you secured your loan through North One, your lender will be one of our partners, either Cross River Bank or Radius Bank.&nbsp;<br><\/p>\n\n\n\n<p>When you submit your request you\u2019ll need to include documents as proof of the number of full-time employees and pay rates, as well as the payments of the eligible mortgage, lease and utility obligations.&nbsp;<br><\/p>\n\n\n\n<p>You will need to certify that the documents are true and that you used the forgiveness amount to keep employees and make mortgage interest, rent, and utility payments. The lender must make a decision on forgiveness within 60 days.<br><\/p>\n\n\n\n<p>Make sure you are keeping detailed records of your financial conditions, both before and after you receive the loan. You want to be able to prove that you needed that loan and that you spent the funds the way they were meant to be spent, essentially keeping operations running and keeping people employed.&nbsp;<br><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"When_will_I_need_to_start_paying_back_my_PPP_loan\"><\/span>When will I need to start paying back my PPP loan?&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>If you do have to pay back all or some of your PPP loan, you\u2019ll have to do this within 2 years. Repayments are deferred for 6 months but interest will accrue over this period. The interest is a fixed rate of 1%.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Can_I_still_apply_for_a_PPP_Loan\"><\/span>Can I still apply for a PPP Loan?&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Our partner Cross River Bank is still accepting applications for PPP loans. To apply you <strong>WILL NOT<\/strong> need to provide a personal guarantee or collateral. All you have to do is provide documentation that proves this loan is necessary to support your operations due to economic uncertainty caused by the Coronavirus crisis. <a href=\"https:\/\/www.northone.com\/sba-loan-application\">You can find a full list of requirements on our North One SBA PPP page<\/a>, where you can also sign up for our application waitlist.&nbsp;<\/p>\n\n\n\n<p>We hope you found this article helpful and now have a better idea of what you need to do to make sure your SBA PPP loan is forgiven. We\u2019re going to continue to work hard to provide you with the support and resources you need to get your business finances on track, so you can get back to work!&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-columns emailcapturecontainer has-background is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\" style=\"background-color:#edce81\">\n<div class=\"wp-block-column is-vertically-aligned-center is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:55%\"><\/div>\n\n\n\n<div class=\"wp-block-column is-vertically-aligned-center is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:45%\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" data-expand=\"1\" src=\"https:\/\/www.northone.com\/blog\/wp-content\/plugins\/media-ace\/includes\/lazy-load\/images\/blank.png\" data-src=\"https:\/\/www.northone.com\/blog\/wp-content\/uploads\/2021\/10\/N1-DeviceLockup.png\" alt=\"\" class=\"lazyload wp-image-3928\"\/><\/figure>\n<\/div><\/div>\n<\/div>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Since the Paycheck Protection Program&nbsp; (\u201cPPP\u201d) was announced, our team at North One has been working around the clock to make sure that every small business has the opportunity to&#8230;<\/p>\n","protected":false},"author":1,"featured_media":1477,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[138],"tags":[119,117,143,123,167,192],"class_list":["post-1474","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-management","tag-financial-health","tag-financial-management","tag-financing","tag-loans","tag-ppp","tag-ppp-loan-forgiveness"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How to Get Your PPP Loan Forgiven | North One<\/title>\n<meta name=\"description\" content=\"PPP loans are eligible for full forgiveness. Here&#039;s our guide on how to set yourself up for full loan forgiveness.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.northone.com\/blog\/financial-management\/sba-ppp-loan-forgiveness\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Get Your PPP Loan Forgiven | North One\" \/>\n<meta property=\"og:description\" content=\"PPP loans are eligible for full forgiveness. Here&#039;s our guide on how to set yourself up for full loan forgiveness.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.northone.com\/blog\/financial-management\/sba-ppp-loan-forgiveness\" \/>\n<meta property=\"og:site_name\" content=\"North One Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/northonebanking\/\" \/>\n<meta property=\"article:published_time\" content=\"2020-06-05T22:15:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-07T11:36:14+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/www.northone.com\/blog\/wp-content\/uploads\/2020\/06\/Blog_LoanForgiveness_Pink_Static_v1.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1726\" \/>\n\t<meta property=\"og:image:height\" content=\"1117\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Eytan Bensoussan\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@NorthOneApp\" \/>\n<meta name=\"twitter:site\" content=\"@NorthOneApp\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Eytan Bensoussan\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/financial-management\\\/sba-ppp-loan-forgiveness#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/financial-management\\\/sba-ppp-loan-forgiveness\"},\"author\":{\"name\":\"Eytan Bensoussan\",\"@id\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/#\\\/schema\\\/person\\\/1f56df6a45f6591303799c10338998f3\"},\"headline\":\"How To Get Your SBA Paycheck Protection Program Loan Forgiven\",\"datePublished\":\"2020-06-05T22:15:14+00:00\",\"dateModified\":\"2022-12-07T11:36:14+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/financial-management\\\/sba-ppp-loan-forgiveness\"},\"wordCount\":1444,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/financial-management\\\/sba-ppp-loan-forgiveness#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/Blog_LoanForgiveness_Pink_Static_v1.png\",\"keywords\":[\"financial health\",\"financial management\",\"financing\",\"loans\",\"ppp\",\"ppp loan forgiveness\"],\"articleSection\":[\"Financial Management\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.northone.com\\\/blog\\\/financial-management\\\/sba-ppp-loan-forgiveness#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/financial-management\\\/sba-ppp-loan-forgiveness\",\"url\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/financial-management\\\/sba-ppp-loan-forgiveness\",\"name\":\"How to Get Your PPP Loan Forgiven | North One\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/financial-management\\\/sba-ppp-loan-forgiveness#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/financial-management\\\/sba-ppp-loan-forgiveness#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.northone.com\\\/blog\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/Blog_LoanForgiveness_Pink_Static_v1.png\",\"datePublished\":\"2020-06-05T22:15:14+00:00\",\"dateModified\":\"2022-12-07T11:36:14+00:00\",\"description\":\"PPP loans are eligible for full forgiveness. 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