Tax Facts

8562 / What do small business clients need to know about obtaining loan forgiveness under the paycheck protection program?

PPP loan forgiveness was determined based on how the small business client spent the loan proceeds. Importantly, at least 60 percent of the loan must be used for payroll costs (reduced from 75 percent under the CARES Act by the Paycheck Protection Program Flexibility Act (PPPFA), passed in early June 2020).

Early on, the small business administration (SBA) released a form version of the loan fo...

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