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How To Apply PPP Loan Forgiveness QuickBooks
QuickBooks Paycheck Protection Program (PPP) forgiveness is applied by the user within 8 weeks after receiving the funds from the lenders. The QuickBooks PPP Forgiveness loan can be easily forgiven if you met the criteria that they have. You get to know about the requirements over here as they are mentioned below. Detailed instruction and guide How To Apply PPP in QuickBooks already posted by MyOnePro team earlier .
Who Are Eligible For QB Pay Check Protection Program Forgiveness ?
Criteria for QuickBooks PPP Forgiveness
There are the things that you must do accordingly with the loan amount that you want to be forgiven. Above, you read that you have to apply for forgiveness within 8 weeks after receiving funds. So, you have to use all these funds in that 8 weeks time period.
- You have to use the 75% or more funds on the payroll costs that are eligible
It includes the employee’s compensation who resides in the U.S. with
- Tipped employees who get paid additional wages
- Commissions, salary, similar compensation, or wages
- Benefits of employees like allowances, taxes, PTO, retirement, and insurance premiums
Payroll costs paid in this period are also eligible for forgiveness. In this, the cost for each employee may not exceed $100,000 or $15,385 for the period of 8-weeks. Learn about SMB financing by Intuit , lets find out all about QuickBooks Capital and its working module .
The amount paid to the individual self-employed, general partners, or owner employees get limited of 8-week and is equivalent to their 2019 compensation.
- Up to 25% funds on other business costs that are eligible
- Lease payments or business rent on the agreements for real or the personal property running before the date of 15 February 2020
- The interest payments of personal property or business mortgage obligations that are for real and it provoke before the 15 February 2020
- The payment distribution of business for transportation, electricity, water, telephone, water, or internet access in the legal document of service agreement that must have the date before 15 Feb 2020.
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The business costs that you pay during these 8-weeks are eligible for Paycheck Protection Program loan forgiveness.
When QuickBooks PPP Forgiveness Amount Reduced ?
Factors that reduce the amount of loan forgiveness
There are the reasons that you must take care of as they decrease the amount of loan at the time or forgiveness. These factors are as follows:-
- Decreasing the wages or salary of employees- If the average hourly wages or annual salary is reduced in the 8-weeks period than the loan forgiveness amount will also be reduced. But if you made a reduction between the periods of 15 February 2020 to 26 April 2020 and revised before the 30 June 2020 then the amount will not be decreased.
- If the number of employees is reduced- The loan amount is decreased if the weekly average numbers of employees that are full-time during the period of 8-weeks are less than the weekly average employees full-time between 15 February 2019 to 30 June 2019 and 01 January 2020 to 29 February 2020.
- Economic injury disaster loan advance- In this, if you get an advance via the EIDL program then it is deducted from the amount of PPP loan forgiveness.
Get In Touch With The QuickBooks PPP Experts!
Above, you get to know about the important information of QuickBooks PPP forgiveness to take care of. To get more information regarding any query or issues QuickBooks Support Number experts will provide assistance 24×7.
The members of the team are experienced in resolving all kinds of big or small issues. So, they better understand your queries and also assist you by providing all the answers to your queries. You can also send your glitches via email to MyOnePro team or ask your questions and get answers on the spot through live chat support that is available 24/7 hours.
