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Help Pay Back the PPP Loan: A Guide for Small Business Owners

The Paycheck Protection Program (PPP) offered much-needed relief for small business owners impacted by the COVID-19 pandemic, but it’s important to remember that the loan needs to be paid back. Here are some tips on how to navigate the process and successfully pay back your PPP loan.

Understand Your Loan Terms

Before you start making payments, make sure you fully understand the terms of your loan. Your lender should have provided a promissory note outlining the amount borrowed, the interest rate, and the repayment terms. This should include when your first payment is due, how often payments are due, and how long you have to repay the loan.

Create a Repayment Plan

Once you know the terms of your loan, create a repayment plan that works for your business. This could involve making monthly payments or making larger payments at certain intervals. Make sure to take into account any other financial obligations your business has.

Total Forgiveness Vs. Partial Forgiveness

If you’re able to meet the forgiveness criteria, your PPP loan may be totally or partially forgiven. In order to qualify for total forgiveness, you must use the funds for eligible expenses, including payroll, rent or mortgage interest payments, and utilities, within the period specified by the loan terms (generally 8-24 weeks). In order to qualify for partial forgiveness, you may not meet all of the criteria for total forgiveness, but you may still have a portion of the loan forgiven based on how much you spent on eligible expenses.

Communicate with Your Lender

If you’re struggling with repayment or think you might not be able to meet your repayment obligations, communicate with your lender as soon as possible. They may be able to offer you some flexibility or help you come up with a plan that works for your business. It’s always better to be upfront and proactive rather than trying to ignore or hide any issues.

Consider Refinancing

If you’re struggling to keep up with your PPP loan payments, consider refinancing. You may be able to find a lower interest rate or more flexible repayment terms that make repayment more manageable for your business.

Don’t Forget About Taxes

If your loan is partially or totally forgiven, it’s important to remember that the amount forgiven may be considered taxable income for your business. Speak with a tax professional to understand the tax implications of loan forgiveness and how it might impact your business’s taxes.


Paying back a PPP loan can be a daunting task for small business owners, but by understanding your loan terms, creating a repayment plan, and communicating with your lender, you can successfully pay back the loan and continue to grow your business. Remember to take advantage of any forgiveness opportunities, but also plan for the potential tax implications. By staying organized and proactive, you’ll be able to navigate the repayment process and come out stronger on the other side.

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