From the Florida United Businesses Association Newsletter of August 2020
*Note: As this newsletter went to press, Congress was debating a bill that would simplify the PPP loan forgiveness process. If this bill becomes law, all PPP loans under $150,000 would be automatically forgiven. You may want to wait to see what happens with this legislation before you apply for loan forgiveness.
If your business received a loan from the Paycheck Protection Program (PPP), you can apply to have your loan forgiven (which means you don’t have to pay it back) if you spend the loan on approved expenses.