Qualified expenses for forgiveness under the Paycheck Protection Program (PPP)

As of August 7th, 2020, Azlo's partners have stopped accepting applications for the Paycheck Protection Program (PPP). The following information applies to previously submitted applications or loans originated through the PPP. 

What are some of the expenses that qualify for the PPP loan forgiveness?

Expenses for wages, commissions, or similar compensations can be forgiven and benefit costs including costs for vacation, parental, family, medical, or sick leave.  If a small business uses at least 75% of their loan proceeds to keep their staff on payroll, however, no more than 25% of non-payroll expenses will be forgiven.

For a sole proprietor or independent contractor: wages, commissions, income, or net earnings from self-employment, capped at $100,000 on an annualized basis for each employee. Visit the U.S. Department of The Treasury for the full list of regulations.

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