PPP Loan Forgiveness is Complex, but MNMW is Here to Help!

Businesses that borrowed funds as part of the Paycheck Protection Program (PPP) were given specific guidelines to follow to determine if they would receive loan forgiveness or be required to repay some, or all, of those loans.

As businesses have passed, or are approaching, the end of their covered period for forgiveness, it is time to evaluate the criteria for determining forgiveness. Specifically, borrowers are required to make the following certification regarding the amount of forgiveness being requested on the applications:

  • The funds were used to pay costs that are eligible for forgiveness (payroll costs to retain employees, business mortgage interest payments, business rent or lease payments, or business utility payments).
  • All applicable reductions due to decreases in the number of full-time equivalent employees and salary/hourly wage reductions are included.
  • The payroll costs equal to at least 60% of the forgiveness amount.
  • If a 24-week Covered Period applies, does not exceed 2.5 months’ worth of 2019 compensation for any owner employee or self-employed individual/general partner, capped at $20,833 per individual.
  • If the Borrower has elected an eight-week Covered Period, does not exceed eight weeks’ worth of 2019 compensation for any owner-employee or self-employed individual/general partner, capped at $15,385 per individual.

This certification has complex and detailed definitions to properly calculate and provide the required support as part of the loan forgiveness application. In addition, there are other certifications that must be made on each of the different application forms.

We are here to help you, whether that is providing guidance or assisting with preparing some of the various required calculations. Please contact us as needed.


Our team at MNMW is working constantly to bring you the most recent news and updates related to the COVID-19 crisis that could impact you and your loved ones. In a continuing effort to maintain the health and safety of our valued clients, our team, and the community and to cooperate with the advice of health officials, MNMW lobbies in Fort Myers and Naples will be closed to the public until further notice.

For more information you can visit our MNMW Coronavirus (Covid-19) Resource page with the button below or call in at (239) 433-5554.

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