Call us for a consultation 952-943-3960

Request a consultation Contact

Paycheck Protection Program

Take a look at the part that talks about the small business loans and the paycheck protection program. This indicates that loans that are used for payroll can be forgiven.

Paycheck Protection Program

The Paycheck Protection Program, one of the largest sections of the CARES Act, is the most important provision in the new stimulus bill for most small businesses. This new program sets aside $350 billion in government-backed loans, and it is modeled after the existing SBA 7(a) loan program many businesses already know. hope you are doing well and are safe.

Can these loans be forgiven?
Yes, small businesses that take out these loans can get some or all of their loans forgiven. Generally speaking, as long as employers continue paying employees at normal levels during the eight weeks following the origination of the loan, then the amount they spent on payroll costs (excluding costs for any compensation above $100,000 annually), mortgage interest, rent payments and utility payments can be combined and that portion of the loan will be forgiven.

I hope you are doing well and are staying healthy.

John C. Holden, Esq.
Holden Law Firm, PLLC
6600 France Ave. South, Suite 465
Edina, MN 55435

The information contained in this e-mail is attorney-client privileged and confidential information intended only for the use of the individual or entity named above. If the reader is not the intended recipient, or the employee or agent responsible to deliver it to the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is strictly prohibited. If you have received this communication in error, please immediately notify us by e-mail, and delete this email. Thank you.

Speak Your Mind


Social Media Auto Publish Powered By :