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ppp loan 2 offers?

Has anyone else been offered two different amounts from square for a PPP loan. I think the way I understood if you pick the lesser amount, it is more likely to be forgiven. Am I right, probably not. Anybody with info on this

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Square Community Moderator

Hey there @Salazar3201

 

Thank you for reaching out! 

 

Check out this snippet from our PPP FAQ page about Loan Forgiveness (last paragraph mentions the taking a lesser amount).

 

Details of this impacts forgiveness are in the FAQ:

If you selected the full loan amount in your PPP application, your loan may be fully forgivable if:Your owner compensation replacement is limited to eight weeks of your 2019 net profit reported on your Form 1040 Schedule C


About 25% of loan funds are spent on certain business expenses that are deductible on your Form 1040 Schedule C, such as business utilities, business rent, or mortgage interest on a business property. (Rent, utilities, or mortgage interest for your personal residence don’t count).


If you selected the smaller loan amount, your business doesn’t need to meet the spending requirement to be eligible for forgiveness.Note: If you received an EIDL Advance, the amount of that EIDL Advance will be deducted from your total forgiveness amount.

Kassi
Community Moderator, Square
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