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Asked a question 6 months ago

Hi , Have you heard whether or not payroll forgiveness will be a component of the Disaster Loan or will it only be the 7a loans? Also, will the SBA Express LOCs qualify for the payroll forgiveness as well? Thanks.

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Rishi Khan
CEO Extreme Scale Solutions

My understanding is that the forgiveness is only for the 7(a) loans.

See section 1102(a) here:

https://assets.documentcloud.org/documents/20059055/final-final-cares-act.pdf91

 

This has not been signed into law, but it passed the Senate and is expected to pass the House on 3/26.

NOTE: I'm not affiliated with Multifunding. I am not a SBA loan expert. I just read a lot and am trying to help by answering unanswered questions as I see them.

I agree with Rishi, the payroll protection plan can be forgiven based on expenses covered in the code.  There is no forgiveness on the EIDL tho any advance can be kept.