Payroll Protection Program (PPP) Fund Certification - Kentucky

Payroll Protection Program (PPP) Fund Certification is a legal document that was released by the Kentucky Transportation Cabinet - a government authority operating within Kentucky.

FAQ

Q: What is the Payroll Protection Program (PPP) Fund?A: The Payroll Protection Program (PPP) Fund is a federal program that provides loans to small businesses to help cover payroll and other eligible expenses during the COVID-19 pandemic.

Q: How can I apply for the PPP loan?A: You can apply for the PPP loan through eligible lenders, such as banks and credit unions. They will have the necessary application forms and guidance.

Q: Who is eligible to apply for the PPP loan?A: Small businesses with fewer than 500 employees, self-employed individuals, sole proprietors, and certain non-profit organizations are eligible to apply for the PPP loan.

Q: What can the PPP loan be used for?A: The PPP loan can be used to cover payroll costs, rent, mortgage interest, and utilities.

Q: What is the forgiveness aspect of the PPP loan?A: If the funds are used for eligible expenses, the PPP loan can be partially or fully forgiven. This means you won't have to repay the portion that is forgiven.

Q: How long do I have to spend the PPP loan funds?A: To be eligible for forgiveness, you must spend the PPP loan funds on eligible expenses within the specified covered period. The covered period is generally 8 to 24 weeks from the loan disbursement date.

Q: What do I need to do to get my PPP loan forgiven?A: To get your PPP loan forgiven, you will need to submit the appropriate documentation and complete the forgiveness application provided by your lender.

Q: Are there any additional requirements or restrictions for the PPP loan?A: Yes, there are additional requirements and restrictions for the PPP loan. For example, at least 60% of the loan amount must be used for payroll costs in order to be eligible for full forgiveness.