You can apply to have your loan 100% forgiven if you meet certain criteria (which are pretty easy to meet). You have to:
- Spend that money within 24 weeks (6 months)
- Employee and compensation levels are maintained (which if you’re self-employed is just you)
- At least 60 percent of the proceeds are spent on payroll costs, and the rest goes to other eligible expenses (wages / payroll, mortgage interest, rent, utilities, taxes, benefits, etc).
Then we’ll help you fill out the required paperwork to get it 100% forgiven!