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The use of the PPP loan proceeds listed above pertain to the forgivable amount of a PPP loan, and are not the only allowable uses of a PPP loan. The Paycheck Protection Program Flexibility Act (PPP Flex Act) was signed into law on June 5, 2020.
Her payroll cost for the PPP loan and its forgiveness includes the full $68,000 plus what the S corporation paid into her retirement plan and to the state for unemployment insurance. The total of these amounts is capped at $100,000, which creates the $20,833 maximum loan amount as explained above.
At Frost, our customers are at the center of everything we do and we are proud to have helped many of them secure funds through the SBA’s Paycheck Protection Program (PPP) in order to help keep their businesses operational during these extraordinary times. You are invited to use our online application portal, beginning March 5, 2021, to submit the PPP Loan Forgiveness …
Mar 12, 2021 · First Draw PPP Loan amount (up to $10 million) if I use net profit? (Note that PPP loan forgiveness amounts will depend, in part, on the total amount spent by the borrower during the covered period following disbursement of the PPP loan.) Answer: The following methodology should be used to calculate the maximum amount