How to make sure you get the maximum amount forgiven on a PPP loan if you're a business owner relying on government funds to stay afloat
, a senior fellow at Harvard Business School and a former head of the Small Business Administration, offered tips for maximizing the amount forgiven on your PPP loans. Mills said it is critical for leaders to prioritize what makes the most sense for the reopening of their business.
"Small businesses think of their employees like family," Mills said. "You want to make sure that they stay on the healthcare and that they stay employed rather than go to unemployment, which many have had to do."Your loan forgiveness will also be reduced if you decrease salaries and wages by more than 25% for any employee that made less than $100,000 in 2019, according to a fact sheet by theTherefore, you must pay your employees, Mills said.
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