Bellingham CPA CPA Bellingham Blog

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Government funds are limited for the forgiveness component of this software, so even if you are eligible for full forgiveness since you are maintaining your workforce, there are other obstacles that may apply. The SBA is expecting to forgive the loan funds that were used for wages in full, but limit the loan forgiveness for rent and utilities to 25% of the loan funds. In other words, if you spend at least 75% of the loan funds for wages and the other 25% or less on rent and utilities, you then are may have full loan forgiveness. If some of your loan is not forgiven, , you may be required to pay it back like some other loan.

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