Here’s how to get your PPP loan canceled

The first iteration of the PPP loan required small business owners to spend 75% of the loan money they received on employee payrolls before it could be considered for remission. After an outcry from small business owners, who viewed the stipulation restrictive in light of a host of other operating costs, the revised PPP loan moves this requirement to 60%.

In addition, even if the owner of a small business borrower uses less than 60% of the loan amount on his or her payroll, he or she will still be eligible for the cancellation of a portion of the entire loan. Other expenses that can be financed from the remaining 40% of the loan money and still be written off are rent, mortgage payments, utilities, and interest on loans. Expenses outside of this area are not forgiven.

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