Application and purpose of PPP.
The goal of the Payroll Protection Program (PPP) is to allow businesses and their employees to weather this storm. The forgiveness provisions all relate to continuing employee payroll, and allowing businesses to pay rent/mortgages/utilities. This forgiveness program is not designed to help businesses buy new equipment or pay off existing debt. At the time of application, the applicant must certify that the business intends to use to funds to cover payroll and/or rent/mortgage/utilities.
