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Do I have to pay back the loan?

You can apply to have your loan 100% forgiven if you meet certain criteria (which are pretty easy to meet). You have to:

  • Spend that money within 24 weeks (6 months)
  • Employee and compensation levels are maintained (which if you’re self-employed is just you)
  • At least 60 percent of the proceeds are spent on payroll costs, and the rest goes to other eligible expenses (wages / payroll, mortgage interest, rent, utilities, taxes, benefits, etc).

Then we’ll help you fill out the required paperwork to get it 100% forgiven!

Related Links

  1. Can I pay my loan earlier than 5 years?
  2. What are the qualifications for this loan being forgiven?
  3. Government Funds

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