If you were one of the lucky small businesses approved for a PPP loan, you likely feel pretty good knowing that an injection of money is coming your way. That money is backed by a 100% federal government guarantee (i.e., it will be forgiven) if it is used as specified by the CARES Act and Small Business Administration (“SBA”). Recently, the SBA came out with guidelines on how the money can be used if it is to be forgiven and the process of applying for forgiveness.
Read the guidelines from the Small Business Administration here:
PPP Loan Forgiveness Article
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