What criteria does a small business need to meet to turn a covered loan into a forgivable loan?

FAQ Answer

A loan is eligible for forgiveness in the amount equal to the cost of maintaining payroll continuity during the period of March 1, 2020 through December 31, 2020.

Payroll costs do not include:

  1. the compensation of an individual employee in excess of $33,333 during the covered period;
  2. qualified sick leave wages and qualified family leave wages in which a credit is allowed under the H.R. 6201 - Families First Coronavirus Response Act.
FAQ Weight