What are the criteria for forgiving a PPP loan?

The process to have your PPP loan forgiven is very complicated and is still being fine tuned by SBA, but here are some of the rules. (1) All funds must be used for covered expenses within 24 weeks of receiving the loan. (2)You cannot apply for forgiveness until eight weeks after you receive the loan. (3) You must file your application for forgiveness by October 31, 2020. (4) You must use the loan for (a) payroll, (b) mortgage interest, (c) rent and (d) utilities. (5) At least 60% of the money must be spent for payroll. (6) Documentation of every payment you have paid must be submitted with the application to ascertain that it is a valid use. (7) Documentation from the previous two months before you received the loan must also be submitted with the application to show the payroll and bills paid are similar over the period. (8) Your average number of employees cannot decrease by more than 25% through the period. There are several other provisions that must be followed carefully.  I recommend that everyone seeking forgiveness consult with a tax professional