Yes. PPP loans (the full principal amount and any accrued interest) may be forgiven, meaning they do not have to be repaid. Remember if you do not apply for forgiveness, you will have to repay the loan. You will do this directly with your lender and they are required to process your request within 60 days.
It is understood that you will be eligible for full forgiveness if you follow a few guidelines:
You use the loan for:
Payroll – salary, wage, vacation, parental, medical, sick leave, health benefits.
Mortgage interest – as long as the mortgage was signed before February 15, 2020.
Rent – as long as the mortgage was signed before February 15, 2020.
Utilities – as long as the mortgage was signed before February 15, 2020.
You maintain your number of Full Time Equivalent (FTE) employees (or rehire them by June 30, 2020) .
You use at least 60% of the loan on eligible payroll costs.
No more than 40% of loan was used for non-payroll costs.