COVID-19 and the Paycheck Protection Program
For those of you who applied for and got a Paycheck Protection Program Loan, remember that the SBA requires at a minimum:
- The money from the loan must be used within 8 weeks of being deposited into your account;
- You cannot spend more than 25% of the money on costs other than payroll;
- You must ask for the loan to be “forgiven”;
- 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 815-730-1977. We are here to help!