What are the limits on amount of a covered loan forgiveness?

FAQ Answer

An eligible recipient shall be eligible for forgiveness of indebtedness on a covered loan in an amount equal to the sum of the following costs incurred and payments made during the covered period:

  1. Payroll costs;
  2. Any payment of interest on any covered mortgage obligation (which shall not include any prepayment of or payment of principal on a covered mortgage obligation);
  3. Any payment on any covered rent obligation;
  4. Any covered utility payment.
FAQ Weight