PPP for investment property mortgage interest
Hello everyone I'm having a hard time finding out online (and here) if I can forgive part of my PPP loan for a few SFR investment rental properties mortgage interest? They are still under hard money lending, acquired before Feb. 15th, in the process of a cash out refi. Received the PPP loan after June 5th and using the 24 week period.
I asked my CPA and she said the same thing I'm finding online for "business mortgage interest payments" during the covered period. Which in my case started June 9th.
Covered Mortgage Obligations. The amount of business mortgage interest payments during the Covered Period for any business mortgage obligation on real or personal property incurred before February 15, 2020. The guidance defines “business mortgage interest payments” as payments of interest (not including any prepayment or payment of principal) on any business mortgage obligation on real or personal property that was incurred before February 15, 2020.
I'm having a hard time seeing how investment rentals are considered "business mortgage obligation" unless the business operates under that roof.
Thanks