COVID-19 and the Paycheck Protection Program

Posted by Carl R. Buck

For those of you who applied for and got a Paycheck Protection Program Loan, remember that the SBA requires at a minimum:

  1. The money from the loan must be used within 8 weeks of being deposited into your account;
  2. You cannot spend more than 25% of the money on costs other than payroll;
  3. You must ask for the loan to be “forgiven”;
  4. If the loan isn’t forgiven, you must repay it within 2 years. 

Any questions you have about your PPP Loan, contact us directly at [tel]. We are here to help!

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About the author

Carl R. Buck

Carl Buck joined RCK Law Firm in 1999 after working as a felony prosecutor for the Will County State’s Attorney. He became a firm partner in 2003 and works from the Joliet office. Mr. Buck focuses his practice on commercial…

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