Some business owners may qualify for PPP loan forgiveness
Also, if you are self-employed you may qualify for loan forgiveness
LA CROSSE, Wis (WKBT) – If you are a business owner who received a loan under the Paycheck Protection Program, you may qualify for partial or complete loan forgiveness, but the process can be tricky.
The Better Busines Bureau of Wisconsin says complete PPP loans are forgivable if borrowers devote at least 60% of the proceeds to payroll costs.
If less than 60% was used for payroll costs, you may still qualify for partial forgiveness.
Also, if you are self-employed you may qualify for loan forgiveness.
You could be eligible to claim two and a half months’ worth of your 2019 net profit to replace lost pay.
The deadline to apply for loan forgiveness has not yet been set.
For more information about this loan forgiveness, you can visit BBB.org/Wisconsin.
COPYRIGHT 2020 BY WKBT/News8000.com. ALL RIGHTS RESERVED. THIS MATERIAL MAY NOT BE PUBLISHED, BROADCAST, REWRITTEN OR REDISTRIBUTED.