Can the Loan Be Forgiven?

The loans can be forgiven for costs during the first eight weeks of the loan, but only for companies that keep employees on payroll and continue to pay bills during the crisis. 

Forgiveness can include payroll costs, mortgage and rent and utility payments, according to The Washington Post. The total amount of forgiveness will be reduced if a business’s workforce is reduced or if wages go down. If you are forced to lay off employees because of economic conditions, you may be able to retain some of your loan guarantee by hiring them back.

As much as 75 percent of forgiven costs will likely come from payroll, per the SBA. Loan forgiveness can begin eight weeks following the loan origination date.