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Friday, May 29, 2020 10:03:03 AM
He's probably a little busy fighting his fraud cases.
And loan applicants needs to have actual expenses.
The process to calculate the amount of loan forgiveness requires three steps:
1. Determine the maximum amount of possible loan forgiveness based on the borrower’s expenditures during the 8 weeks after the loan is made;
2. Determine the amount, if any, by which the maximum loan forgiveness will be reduced because of reduced employment or reduced salaries and wages; and
3. Apply the 75% rule that requires that at least 75% of eligible loan forgiveness expenses go towards payroll costs.
It's pretty simple in Eline's case:
Zero
Zero
Zero
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