In the midst of Covid, many small businesses turned to Paycheck Protection Program (PPP) loans. These loans were meant to be forgiven and many will not have to be repaid. In order to qualify for loan forgiveness, companies must follow certain guidelines. Employee numbers as well as their compensation levels must have been maintained and at least 60% of the PPP money should have gone toward payroll costs. Keeping good records while distributing the money is very important as this will help when completing the paperwork required to apply for loan forgiveness. For more details, read, How to get your PPP loan forgiven from the Los Angeles Times.