Forbes posted an excellent article that delved deeper into the PPP loan and the parameters that must be met in order to be “forgiven” by a lender. The article provides a breakdown of the application and a deeper understanding of what the PPP can really be used for; good information to know for those that have already received their funds as well as for those that are just applying.
The article highlights several challenges, including
The application confirms (with one small exception) that only those expenses paid within the 8-week period after receiving the loan are eligible for forgiveness. Many borrowers, however, are already half-way through that 8-week period, meaning even if this most recent guidance were complete – and it is far from it – it would still be entirely too late.
