No. Interest on unsecured credit is not eligible for loan forgiveness because the loan is not secured by real or personal property. Although interest on unsecured credit incurred before February 15, 2020 is a permissible use of PPP loan proceeds, this expense is not eligible for forgiveness.
Articles in this section
- Can I use the SBA PPP Direct Forgiveness portal when applying for forgiveness?
- Which NAICS codes are accepted by the SBA?
- What qualifies as “gross receipts” for my business when I am entering amounts for my revenue reduction?
- If I have two PPP loans in 2021, can my Covered Periods for the two loans overlap?
- I submitted my first draw forgiveness application to Scratch already - why won’t it let me access my second draw application yet?
- What quarters or reference periods can I compare to show I experienced a 25% or more revenue reduction?
- Why do I need to upload documentation to show my 25% or more revenue reduction?
- Which reference quarters should I use to show my 25% or more revenue reduction? Can I use an annual comparison instead?
- What documentation do I need to provide to corroborate that my entity sustained at least a 25% reduction in gross receipts?
- If I have self-employment income and file a Form 1040, Schedule C or F, which of my nonpayroll costs are eligible for forgiveness?