If you applied for your PPP loan via Womply, you can check loan application status at If you did not apply through Womply, you will need to contact your SBA-approved lender and request a status update.
How do I make sure my PPP loan is forgivable?
Use the following tips on how to make sure your PPP loan is forgiven to get started:
- Use it for eligible expenses.
- Keep your employee headcount up*
- Don’t reduce an employee’s wages by more than 25%*
- Document everything.
- Talk with your lender.
- Apply for loan forgiveness.
When to apply for loan forgiveness on a PPP loan?
If you’ve kept those requirements for the 8 (or 24) weeks after you received your PPP loan, at that point you may apply for loan forgiveness through the lender that serviced your loan.
How much can you hire back with a PPP loan?
If you only hire back two out of the three employees, your workforce is 67% (two thirds) of your original headcount. Over the 24 weeks of the PPP coverage period, you spend $36,000 on your employees (more than your PPP loan amount). You claim the full $22,500 of your PPP loan for forgiveness.
How does the CARES Act affect a PPP loan?
These payments constitute a supplement to salary or wages and, therefore, are a similar form of compensation. The amount of a PPP loan that is forgiven is generally reduced if the borrower cuts back on the number of “full-time equivalent” (FTE) employees during the 24-week covered period. However, the CARES Act does not define an FTE employee.
How to calculate full time equivalency for PPP loan?
For employees who were paid for less than 40 hours per week, borrowers can choose to calculate the full-time equivalency in one of two ways. First, borrowers can calculate the average number of hours the worker was paid per week during the 24-week covered period and divide the number by 40.
