Forgiveness Requirements
Borrower to provide for forgiveness:
- Payroll reports for the 8 weeks following the funding of the proceeds
- Evidence of payments for rent, business mortgage interest, utilities within the 8 weeks
- 75% of fund MUST be used for payroll
Submitting for Forgiveness:
This can be done 7 weeks after loan proceeds have been disbursed, but you need:
- Supporting documents of how funds were used: (payroll reports, canceled checks, paid utility invoices, etc…)
- There is no formal form provided yet for forgiveness portion