We are hopefully getting more clarity regarding forgiveness of the PPP loans. However, many businesses are getting close to the end of your 8 week period, and action is needed soon.
Our overarching advice would be:
- Plan out your spending for the 8 weeks. Be intentional about how you spend the money so that you get the maximum possible forgiveness. (By the way, see below – the bill in Congress would extend the 8 week period)
- Be in touch with your bank. The forgiveness application will be done through the bank that issued the PPP loan.
- If it is looking like some of your PPP will not be forgiven:
- Wait. There is currently a bill in Congress (as of 6/3/20, it has already passed the House and it is in the Senate) that will ease the rules. Our reading of this bill will be that it will solve many of the gotchas that have been keeping our clients from receiving full forgiveness.
- Get in touch with us. The forgiveness application is confusing, and if you have any complexity in your situation at all, it may be difficult to apply the rules correctly. There may be something that you are overlooking that would fix the issue.