Good afternoon,
Does anyone have clarification on which of these two are correct? I have interpreted all along that it is #1 but I am now being told that it is
#2.1. The 75/25 rule applies to the
amount of forgiveness you are seeking. Meaning regardless of your total loan amount as long as the amount you are applying for forgiveness for is 75/25 payroll then the excess just stays as a loan.
2. The 75/25 rule applies to the
amount of loan proceeds. Meaning that if your actual payroll costs during the 8 weeks are not 75% of your original loan value then you get 0 forgiven.
This is a very important difference so if anyone has any info I would be very appreciative.
------------------------------
Renee Morris
Office Manager,
McLeod General Trades, LLC
3038 NE Waldo Road Gainesville, FL 32609
352.371.7320 ext 21
Integrity | Gratitude | Excellence | Passion| Teamwork
LinkedIn Facebook Email
------------------------------