While you focus on running your Business the U.S. Small Business Administration(SBA) and financial institutions are working on finalizing the loan forgiveness application process for Paycheck Protection Program(PPP) loan proceeds.
When can I apply for loan forgiveness? Many of you have or soon will deplete your PPP loan proceeds and will be ready to apply for loan forgiveness we are currently finalizing the loan forgiveness online application portal which will be similar in format to how you will applied for your PPP loan. We are awaiting final instructions as to how we will submit your forgiveness application to the SBA.
As you know the PPP has been updated several times. It is possible that Congress brings forth additional legislative changes that could impact the loan forgiveness process which is why D&F are proceeding with caution and waiting for clarification before filing out forgiveness applications.
Some of the conversations have included options for simplified forgiveness processes and documentation for loan less than a certain dollar amount. There is also consideration of allowing companies hardest hit by the pandemic to apply for a second PPP loan.
We feel it is important to communicate this so you can better understand the variables affecting the timeframe for opening our loan forgiveness application portal. Know that your team is doing everything we can to provide you the simplest process possible. We will move forward as soon as we are certain that we can provide the best PPP loan forgiveness experience.
Even if Congress makes concessions for loan forgiveness documentation will still be required please continue to keep diligent records on how you are spending ppp dollars if you are unsure of what documentation you will need remember you have the option for 24 we covered. So there is no need to rush.
The value of the paycheck protection program:
The PPP has been a lifeline for millions of businesses across the country that were adversely impacted by closures. It has been humbling to be part of a program that delivered much needed aid to so many of our clients and their greatest time of need. Thank you for being our client. We are proud to be your accountants.