ppp loan 2022 |  new ppp loan 2022

If you received a PPP loan for your business during the pandemic you may  be able to get forgiveness for the loan We will discuss the requirements and steps for applying

As we enter 2022 and the third year of the “new normal” with COVID-19  many small businesses are still struggling  The U.S.A  Small Business Administration  has helped many of those businesses with programs like the Paycheck Protection Program 

COVID-19 Economic Injury Disaster Loan  and the Targeted EIDL Advance but those ended in 2021 However  if your business received a PPP loan you may still be able to apply for loan forgiveness.

The PPP was intended to help businesses that have been hit hardest by the pandemic keep their workers on the payroll

Loan Forgiveness Requirements 2022

1. You maintain employee and compensation levels

2. You spend the loan proceeds on payroll costs and other eligible expenses, For the Second Draw PPP loan in 2021, the definition of “eligible expenses” was broadened to include certain protective equipment, supplier costs, employer provided group insurance payments, property damage, and operational expenses 

3. You spend at least 60% of the proceeds on payroll costs.