Banks are now accepting applications for PPP automatic loan forgiveness under $150,000. 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.
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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 visit us at Steven M. Ellard, CPA for more detail.