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Time to Forgive Those Loans

The U.S. Small Business Administration (SBA) has released a simpler loan forgiveness application for first-round PPP (Payment Protection Program) loans of $50,000 or less.

This action streamlines the forgiveness process to provide financial and administrative relief to America’s smallest businesses while also ensuring sound stewardship of taxpayer dollars.

With that being said, you may be starting to ask, “what do I do about my PPP loan forgiveness?”

As your partner, TAG has been monitoring PPP forgiveness, including the guideline changes and clarifications that have been released in recent weeks. The important thing is to not worry. There is plenty of time to complete the PPP forgiveness application.

Your PPP forgiveness application is not due until 10 months from the end of the Covered Period. The Covered Period is either: (1) the 24-week period beginning on the PPP Loan Disbursement Date, or (2) if the Borrower received its PPP loan before June 5, 2020, the Borrower may elect to use an eight-week Covered Period.

No matter when you apply, TAG™ is here to assist and be a resource for you and your business.

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