None will be paid back. I sure would love such a "loan".
Ok... I'll post it again, since you missed it the first time.
Edit: As I currently understand it and I haven't looked into it that deeply, you can only ask for loan forgiveness under certain circumstances...
Otherwise it's just a REALLY fuck'n cheap loan.
Edit: I'm wrong. Kind of. You are eligible for forgiveness, if you used said money as intended. If you didn't, it was a really cheap fuck'n loan.
A PPP loan is designed to provide a direct incentive for small businesses to keep their workers on the payroll. PPP loans are eligible for full or partial forgiveness if the money is used for qualifying costs including payroll, rent, mortgage interest, or utilities.
You may be eligible for for full forgiveness if:
- Entire loan is used for qualifying costs:
- At least 60% is used for payroll
- And the rest is used for business rent, business utilities, or mortgage interest on a business property
- You either don’t lay off employees or rehire them by December 31, 2020
- For your employees who make less than $100,000 a year, you either don’t cut their wages by more than 25% or you restore their original wages by December 31, 2020
- Note: If you received an EIDL Advance, the amount of that EIDL Advance will be deducted from your total forgiveness amount.