The clock is ticking on the Paycheck Protection Program. The last day to apply for a federal forgivable loan is Aug. 8.
which show Social Security and Medicare taxes withheld and payments toward unemployment, respectively.Though the SBA continues to release details on forgiveness via frequently asked questions, the general guidelines call for entrepreneurs to earmark at least 60% of their funding for payroll to obtain forgiveness.
What that might entail will be nuanced based on the kind of business it is. Business owners in locales with high rents might devote a sizable portion of their proceeds toward those expenses. Indeed, many PPP borrowers are facing the fact that they're out of funding as Covid-19 continues to hurt their revenues.
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