These are the terms for forgiveness:
Second Draw PPP Loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:
✔ Employee and compensation levels are maintained in the same manner as required for the First Draw PPP loan;
✔ The loan proceeds are spent on payroll costs and other eligible expenses; and
✔ At least 60 percent of the proceeds are spent on payroll costs.
Do you have questions or need help filing Form 3508S, contact us!