Demystifying the CARES Act Webinar - April 3, 2020 CARES Act Webinar – BD 4.3.2020 | Page 28

PAYCHECK PROTECTION PROGRAM (PPP) LOAN FORGIVENESS Qualifying expenses eligible for loan forgiveness equal to the amount spent by the borrower during an 8-week period after loan origination for: • • • • Payroll costs, Interest on any mortgage in place prior to Feb. 15, 2020, Rent on any lease in force prior to Feb. 15, 2020, Utility payments for which service began before Feb. 15, 2020. The new SBA guidance indicates no more than 25% should be spent for non-payroll costs 28