Insights on the Paycheck Protection Program and Loan Forgiveness Tips

by | Apr 20, 2021

The Paycheck Protection Program offered small businesses a rare opportunity: access to SBA-backed loans that can be fully forgiven—if you meet certain criteria. Now that lenders are opening up for forgiveness applications, it’s time to start collecting the documents you’ll need to qualify for PPP loan forgiveness.

PPP loan in review:

  • Small Businesses, Sole Proprietorships, Independent Contractors and Self-Employed Individuals are eligible
  • The initial loans have a maturity rate of two years and an interest rate of 1%.
  • Loans made after June 5, 2020 have a length of five years
  • The loan covers expenses for up to 24 weeks starting from the loan disbursement date
  • The business does not need to make loan payments until either their forgiveness application is processed, or 10 months after the 24-week covered period
  • No collateral or personal guarantees required
  • No fees
  • The loan can be forgiven and effectively turned into a non-taxable grant
  • A minimum of 60% of the loan must be used for payroll costs
  • The other 40% of the loan can be used for items such as: mortgage interest payments, rent and lease payments, utilities, operations expenditures, property damage costs due to public disturbances not covered by insurance, supplier costs and worker protection expenditures

The process of applying for PPP loan forgiveness is complex – but you don’t have to do it alone.

The main requirement to get your PPP loan forgiven is the commitment to maintain an average monthly number of full-time equivalent employees equal or above the average monthly number of full-time equivalent employees during the previous 1-year period.

You will need to gather all necessary documentation to apply for loan forgiveness. Fill out the form below to receive your download to our PPP Loan Forgiveness Checklist to give insight into what you’ll need to produce no matter what lender you used.

Our experienced KHA Strategic Consulting team can help you define any further specific documentation your lender may require to increase your chances of full forgiveness.

The KHA team will use your documentation and knowledge of your business to help you:

  • Select the correct forgiveness application
  • Organize your support for eligible expenditures
  • Understand the specific requirements related to your industry and entity type
  • Create a strategy to maximize forgiveness

KHA has assisted numerous businesses in the process to apply for a PPP loan and helped them receive the amount they needed in order to keep their businesses running. We have expertise and knowledge in order to maximize your loan forgiveness and get the most out of your loan.


 

When You Should Start Planning to Sell or Transfer Your Business

Oct 21, 2026

For established business owners, exit planning does not always start with a firm sale date. It often starts when certain changes make the future more concrete. This video explains the key triggers that can signal it is time to begin tax-focused succession or exit planning, including changes in your timeline, a clearer succession path, outside buyer interest, and the start of a real transaction. The goal is to help business owners recognize when waiting may begin to limit their tax, ownership, and deal-structuring options.

What High-Net-Worth Families Should Be Thinking About Before the Year Ends

Oct 15, 2026

For affluent families, tax planning is rarely simple. Investment portfolios, business interests, trust structures, estate positions, and charitable goals all intersect in ways that require careful coordination — and the decisions you make before December 31 can have consequences that extend far beyond a single tax year. Here is what deserves your attention now.

Business Owners: Your Window to Cut Your 2026 Tax Bill Closes December 31

Oct 8, 2026

There is no universal playbook for business owner tax planning — the right moves depend on your entity type, your compensation structure, your capital investments, and a dozen other factors unique to your situation. That is exactly why now is the time to sit down with an advisor who knows your business. December 31 does not wait, but your tax outcome is still yours to influence.