July 23, 2020
I’m over the $2 million loan. I had other sources of borrowing available to me. Would I be eligible for partial forgiveness?
Posted by Armanino Financial Advisory Team
This is really a question of whether you were eligible for the money in the first place. This is subject to review by the SBA and if they determine the borrower lacked “necessity” for the PPP loan, then all forgiveness will be eliminated. Conversely, if “necessity” is deemed met, then all standard forgiveness rules apply.