The amount of funding you can receive under the Paycheck Protection Program is based on your payroll costs. The loan amount is equal to 2.5 times your average monthly payroll costs, which can be calculated by adding up your payroll costs for all of 2019 and dividing this amount by 12. Read More FAQ's
A PPP loan can be partially or fully forgiven so long as the business keeps its employees on the payroll (or quickly rehires employees who were laid off) and maintains employees’ salary levels. In order for the loan to be 100% forgiven, at least 60% of the loan amount must be used to cover
For the purposes of calculating a PPP loan amount or determining eligibility for loan forgiveness, the term “payroll costs” refers to the total amount of any compensation paid to employees. This includes salaries, wages, tips, bonuses and commissions, plus vacation pay, sick leave and other employee benefits. These costs are capped at $100,000 per
PPP loan fraud is any attempt to defraud the Paycheck Protection Program. There are three main ways to commit PPP loan fraud: By misrepresenting information on your loan application in order to fraudulently obtain PPP funds, By misusing PPP loan funds (i.e. using the funds for unauthorized purposes), or By fraudulently requesting forgiveness of
If you are accused of fraudulently obtaining or misusing loan funds from the Paycheck Protection Program, you could face criminal prosecution for a federal offense. If you have questions about PPP loan compliance, or if you believe you may be at risk for federal charges related to PPP loan fraud, do not hesitate to
With billions of dollars at stake in the Paycheck Protection Program, the Department of Justice has vowed to aggressively investigate and prosecute cases of PPP loan fraud. If you believe you may be the target of a PPP fraud investigation, you could end up facing charges for federal bank fraud, wire fraud, identity theft,