Paycheck Protection Plan
LOAN FORGIVENESS forgiveness if used primarily for payroll costs and other certain non-payroll costs .
In June 2020 , the PPP Flexibility Act was passed providing significant improvements to the PPP . This Act declares that the original eight-week timeline for businesses to use the loan proceeds would be increased to 24 weeks . Also , providing an increase of the forgiven amount for non-payroll costs to 40 percent . This increase allows businesses to spend more money on rent , mortgage interest or utility payments .
Any payroll or certain non-payroll costs paid or incurred during the eight or 24-week period ( whichever is elected ) are eligible for forgiveness . It is advised that employers diligently monitor their expenditures to know how funds are disbursed ,
Thanks to the high court ’ s South Dakota vs . Wayfair decision , the cost of running an online business has never been higher . State and local tax remittance and compliance now make up in the bulk of your overhead costs . Review the graphic below for a better understanding of what you can expect to contend with when you choose to open an online business . continued
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