Payment Protection Program (PPP)

NTV can help you maintain accurate record keeping of business expenses with our bookkeeping services.

NTV can also help with properly filling your payroll tax returns. This will help you avoid penalties as well as keeping your records organized in order to qualify for PPP forgiveness.

Who is eligible

  • Anyone who has payroll (w2 employees)
  • All criteria must be in place by Feb 15, 2020
  • Criteria for full forgiveness

    75/25 Rule

    • At least 75% of the loan must be used for payroll cost
    • The other 25% can be on Mortgage interest (not principle)

    Facts of the Payment Protection Program

    Number of employees working for you

    • For the loan to be eligible to be forgiven, the headcount of your business needs to be the same now as it was before the pandemic.
    • If you separate with the employees, the loan amount eligible for forgiveness will be reduced by an equivalent percentage.
      • For example, if you have 10 employees before the pandemic and had to lay off two employees, this leaves you with 8 employees. Because you had a 20% reduction in staff, the amount of the loan that can be forgiven will also be reduced by 20%.
    • Salaries: You need to make sure that the level of salaries is what is was pre-pandemic (you can’t reduce pay by more than 25%)
    • If your employees are receiving unemployment benefits then they can not be receiving funds under the PPP. A possible solution is to tell your employees not to receive unemployment for 8 weeks and pay your employees through the PPP loan.

    What if I can't spend all of the PPP loan on my employees and qualifying expense?

    PPP loans have a 1% interest rate and loan payments deferred for 6 months

    What are the qualifying expenses?

    You may spend 25% of the PPP loan on the following qualifying expenses:
  • Mortgage interest
  • Rent
  • Utilities
  • In order for the mortgage interest, rent, and utilities expenses to be forgivable, the mortgage/rent/utilities expenses can't be brand new- they had to be in effect prior to February 15, 2020

    What are considered payroll costs?

  • Salaries
  • Wages
  • Vacation pay
  • Parental and family leave
  • Sick leave
  • Other health benefits
  • Where do I apply?

    You may apply for your PPP loan with your financial institution or contact NTV Accountants for stress free assistance. 

    For more information go to