PPP Round 2 Forgiveness

The second draw of the Paycheck Protection Program (PPP) ended on May 31, 2021. Many of our clients were eligible to apply for a second draw of funding.  If you are one of those lucky individuals, you likely are now eligible to apply for forgiveness for your second draw. 

We recommend you begin your forgiveness application process once you have reached 24 weeks past your second draw funding date. In order to apply for forgiveness, you will need to reach out to the bank that holds your PPP loan and ask how they would like you to apply for forgiveness on your second draw.   The forgiveness application is incredibly straightforward and easy for most banks and should not take much of your time.   Once you have received your PPP second draw forgiveness approval, make sure to let your CPA and advisor know.

Regarding PPP Round 1, if you have not already submitted for forgiveness, you will need to do so as soon as possible to avoid it converting to a true loan with interest terms.  Please see our blog post here for more information on forgiveness for PPP round one.