Whether the impact is on a global, national, or individual industry level, this pandemic is already changing the way businesses are operating on a day-to-day basis. As we venture past the peak of the pandemic, businesses are going to have to adapt to the new world in which they reside in order to survive. The Paycheck Protection Program loan has become a lifeline for small businesses. Some of these loans may even be forgiven if businesses meet certain criteria. These criteria include: making sure your business truly qualifies for the PPP funding, at least 75% of the funds must be used for payroll expenses, and use the rest for eligible expenses. This article discusses some best practices for qualifying for loan forgiveness.
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