PPP Forgiveness Update
The SBA recently released a simplified forgiveness application for those of you that borrowed less than $50,000 under the PPP program. This is the simplified forgiveness application we were waiting on; however, we hoped this would include all borrowers up to $150,000. It is still not off the table that the SBA will release another simplified application for loans up to $150,000, but it is not available yet.
Given this information, we suggest the following:
If your PPP loan amount is $50,000 or below, we suggest reaching out to your bank to see if they are ready to accept your application for forgiveness. Be prepared to complete the application listed below and to document payroll amounts as determined by your lender.
If your PPP loan amount is $150,000 or over, we do not see a reason to wait any longer to submit your application for forgiveness. Reach out to your lender and ask if they are ready to accept your forgiveness application, and go ahead and submit if you can. It should be noted, there is still no rush to complete the application at this point, but we see no reason to wait further unless you choose to do so.
If your PPP loan amount is between $50,000 and $150,000, we suggest waiting a bit longer to see if this simplified process will be rolled out to you as well.
Forgiveness Application for Under $50,000: https://mcusercontent.com/e45b7853c957a421fe5b7e1b2/files/b3b75266-3d2e-42a1-be07-d0b7cac6bdf1/Under_50k_PPP_Loan_Forgiveness_Application_Form_3508S.pdf