What is a PPP Loan? - A Guide to Understanding PPP Loans

Written By : APKPure APP

PPP loans are low-interest loans that can be forgiven if certain criteria are met.

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PPP loans are available to small businesses with fewer than 500 employees, as well as certain non-profit organizations and self-employed individuals.

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PPP loans can be used to cover a variety of expenses, including payroll, rent, utilities, and mortgage interest.

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PPP loans were created by the CARES Act, which was passed by Congress in March 2020.

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PPP loans were first made available in April 2020, and the program was extended several times.

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As of September 2023, the PPP loan program is no longer accepting new applications.

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PPP loans are forgivable if the borrower uses at least 75% of the loan proceeds on payroll costs.

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PPP loans are also forgivable if the borrower maintains its employee headcount and salary levels.

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PPP loan forgiveness applications are processed by the Small Business Administration (SBA).

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PPP loan forgiveness is not taxable income.

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