COVID-19: PPP & EIDL Loan Information

mortgage interest costs

Mortgage interest is interest for building mortgages and auto or equipment loans. It does not include payments on the principal, pre-payments or interest on unsecured debt such as credit cards. The mortgage agreement must predate February 15, 2020. Mortgage interest paid to an affiliated company is not eligible for forgiveness.

You can use a PPP loan to pay interest on unsecured debt incurred prior to February 15, 2020, such as credit cards, however, that interest is NOT ELIGIBLE for forgiveness.


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