If you’ve applied and received funds from the Paycheck Protection Program (PPP), you want to know how to maximize forgiveness of the loan. Consider the following steps from ADP:
- Maintain staffing levels
- Maintain pay levels
- Only use the PPP loan for permitted uses
- Spend the loan proceeds, or incur qualifying costs, within of the applicable Covered Period or Alternative Payroll Covered Period
- Use at least 60% on payroll costs during the Covered Period or Alternative Payroll Covered Period
- *If applicable, reverse any reductions in staffing levels by December 31, 2020
- *If applicable, reverse any reduction to an employee’s pay by December 31, 2020
To read more in detail, click here.
If you or your company have questions or a legal matter related to the PPP loan, or construction law issues, please contact Anderson Jones Attorneys by email or phone at (919) 277-2541.