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| This is the formula:
Average monthly payroll x 2.5 = Loan Amount
Say the average payroll is $10,000 per month. Multiply that times 2.5 and you get a loan amount of $25,000. This represents 2 months of payroll and another 25% of the $20,000 for other expenses such as interest, rental payments, and utilities.
Then you get 8 weeks to document amounts you have paid in payroll and other expenses listed above. That will be the amount that is forgivable. Whatever is not forgivable you have to repay over 2 years at a 1% rate of interest. | |
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SBA PPP loan anyone looking into these
