September 1, 2020
Banks are now accepting applications for PPP loan forgiveness. However, many banks are suggesting that borrower’s with PPP loans under $150,000 wait until Congress reconvenes and acts on pending legislation that would automatically forgive any PPP loan under $150,000. Congress is expected to act on this legislation during the second half of September.
We believe that for loans under $150,000, delaying the application submission, is the best course of action. We have started the application process for our clients with loans of more than $150,000.
Please contact us if you have any questions.
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PPP Loan Forgiveness Update
There is no immediate deadline to apply for loan forgiveness. Forgiveness applications can be filed up to 16 months from the date a business received PPP loan funding.
We suggest deferring PPP forgiveness until 2021. IRS notice 2020-32 states that the expenses paid with...
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