{"id":4498,"date":"2020-06-08T07:05:53","date_gmt":"2020-06-08T12:05:53","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-law\/smallbusiness\/business-laws-and-regulations\/how-to-legally-comply-with-the-cares-act-to-achieve-loan-forgive.html"},"modified":"2024-06-06T01:44:15","modified_gmt":"2024-06-06T06:44:15","slug":"how-to-legally-comply-with-the-cares-act-to-achieve-loan-forgive","status":"publish","type":"page","link":"https:\/\/www.findlaw.com\/smallbusiness\/business-laws-and-regulations\/how-to-legally-comply-with-the-cares-act-to-achieve-loan-forgive.html","title":{"rendered":"How to Legally Comply With the CARES Act to Achieve Loan Forgiveness"},"content":{"rendered":"\n
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How to Legally Comply With the CARES Act to Achieve Loan Forgiveness<\/h1>\n
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\n By Maddy Teka, Esq.<\/a> | Legally reviewed by Bridget Molitor, JD<\/a>\n | Last updated\n
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The last updated date refers to the last time this article was reviewed by FindLaw or one of our contributing authors<\/a>. We make every effort to keep our articles updated. For information regarding a specific legal issue affecting you, please contact an attorney in your area<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n<\/section>\n

Congress passed the CARES Act<\/a> as a response to the COVID-19 pandemic. This bill, among other things, includes a provision titled Paycheck Protection Program (PPP). This provision allows small business owners to take small business administration<\/a> (SBA) loans to help them cover expenses related to the COVID-19 pandemic.<\/p>\r\n

What Should I Do to Get My Loans Forgiven?<\/h2>\r\n

This program contains a provision that allows small businesses to get loan forgiveness up to the principal amount of the loan for some expenses. The expenses should be made within the covered period of this Act. The first eight weeks that pass after taking the loan is generally considered the covered period.<\/p>\r\n

So, if you are a small business owner, you may be able to get your loans forgiven for the expenses paid for eight weeks beginning from when you took the loan. These expenses include the following:<\/p>\r\n