The loan may be fully forgiven if 60% of the funds are used for payroll costs, interest on mortgages, rent, and utilities and you have not reduced your payroll by more than defined amount.

The purpose of this loan/forgiveness is to enable and encourage small businesses to protect their employees. Loan payments will be deferred for six months, and no collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees. Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.