“What is going on with PPP Loan Forgiveness? Can I apply now?”, are two questions many people are asking.
From assisting in fund planning to forgiveness application assistance we are here to help small business owners through it all, start to finish. So, to make your life a little easier here is an updated run down that can save you some time researching how to move forward with PPP Loan Forgiveness:
PPP Loan Forgiveness Updates
- Some banks are accepting PPP Forgiveness Applications, your bank may be one of them
- Even though some banks are accepting the applications, the SBA still is not accepting or processing them. Many banks also are being selective about when you can apply. Bank of America, for instance, will only take your application after your covered period ends. By contrast, TD Bank allows you to apply when your loan proceeds were spent (or incurred) within the covered period. That means you can apply early if you exhaust your funds before end of the covered period. Fifth Third is sending out emails to borrowers in waves in order to provider “better customer service.”
- The SBA still has not issued final guidance on the forgiveness, and we do not know when these will be finalized. Submitting the application now could mean you have to resubmit at a later date should the regulations change, which has been the standard course since the inception of the CARES act.
Here are our thoughts on when to apply for PPP Loan Forgiveness
Our opinion is to hold off until we hear more from the SBA, but it is ultimately at your discretion on when you would like to submit your forgiveness application. Remember, too, that there’s still a lot we don’t know and you only get one shot at forgiveness. If you’re not absolutely sure you qualify for the full amount of forgiveness, it may make more sense to wait the longest covered period and see where we are then. There’s no deadline for the forgiveness application itself (beyond applying before the loan matures). Just keep in mind that you have to start making payments on the loan 10 months after the end of your covered period.
For a step by step guide on applying for loan forgiveness fill out the form and download our checklist! If you have any questions please email us at firstname.lastname@example.org