The House approved a $484 billion coronavirus relief package on Thursday to restart the loan program for struggling small businesses.
With so businesses attempting to get loans, Danielle Kane, Better Business Bureau’s Oregon State Director, said the company has been getting a high volume of questions about loans and how to get the maximum amount of loans forgiven.
“If you want your PPP loan forgiven, it needs to only be spent on payroll expenses, which includes benefits, vacation salary, and you have to spend 75 percent of that loan on payroll expensies,” Kane said.
To answer technical questions, BBB hosted a webinar on Thursday featuring lawyer Darin Leong. Leong outlined rules businesses need to follow along with what qualifies as a payroll expense, how to hire and fire amid COVID-19 and a timeline to apply for loan forgiveness.
The webinar is available on the BBB’s YouTube channel.