The Philadelphia Business Journal interviewed Tax Partner Jordan Kendall for a look at the complex forgiveness component of PPP loans.
Philadelphia Business Journal
By Jeff Blumenthal
But Jordan Kendall, a tax partner at Marcum, said it is not quite that simple. For example, if a business receives a $100,000 loan and payroll needs are only 70% of that, you might not be eligible for forgiveness. So you could apply for 93% forgiveness and the remaining $7,000 would be a loan to be paid back over two years with 1% interest.
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