Financial Advisory Blog

Armanino’s Financial Advisory blog is your source for thought leadership around cloud ERP and accounting solutions and integrations. Supported by the Cloud Accounting Institute and numerous experts in cloud, finance, reporting, integration, compliance, and technology, Armanino’s Financial Advisory blog features must-read content on what’s happening in the finance industry, case studies, white papers, and much more.

July 23, 2020

If the $10,000 EIDL grant (the advance, not the EIDL loan) is used exclusively for rent and utilities and the PPP loan is used exclusively for payroll, why would the PPP loan amount that is forgiven be reduced by $10,000?

Posted by Armanino Financial Advisory Team

In the instructions to the new loan forgiveness application, on page two it reads: “Line 11: Enter the smallest of lines 8, 9, or 10. Note: If applicable, SBA will deduct EIDL Advance Amounts from the forgiveness amount remitted to the Lender.” 

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