COVID-19: Paycheck Protection Program Forgiveness
Forgiveness of Existing PPP Loans
The new “Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act” simplified the forgiveness process for loans $150,000 or less, and added more eligible expenses, including certain property damage costs, supplier costs, and worker protection expenditures.
Updated PPP forgiveness application forms were recently released by the SBA. Our team is working to accommodate these changes. We expect the SBA to begin accepting these new applications on March 5, 2021. Please check back here for application availability as that date approaches.
Please be aware that due to the high demand for PPP origination applications, there may be delays in the processing of PPP forgiveness applications. Additionally, we may require further documentation or clarification from you. Your cooperation in reading instructions and providing requested items on time will help us process your forgiveness application as quickly as possible.
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For additional information regarding the forgiveness of PPP loans visit: www.sba.gov
The foregoing is only a general summary, is not intended to be legal, tax, or business advice, and may be changed prior to enactment into law or by subsequent SBA regulation. Please consult your advisors to determine all matters of PPP eligibility and requirements.