Many of you took advantage of the Paycheck Protection Program (PPP) back in the spring, and the forgiveness instructions and details have been unclear ever since. We had hoped that Congress would have provided clear instructions by now, but things are still being kicked back and forth in the legislation.
Simplified Paycheck Protection Program Loan Forgiveness
During this process, there has been an indication that loans under certain amounts would be forgiven simply by using a one page form submitted through your bank. Since Congress hasn’t reached common ground on this, there hasn’t been anything given to the banks to move forward with this. However, there are now two separate bills in the House of Representatives and the Senate that have been brought up with bi-partisan support. With this in mind, we would encourage you to reach out to your representatives and show support for both H.R. 7777 – Paycheck Protection Small Business Forgiveness Act, and S. 4117 – Paycheck Protection Small Business Forgiveness Act.
As you work through these loans with your banks please feel free to contact us for support. Once there are clear guidelines, we plan to be ready to assist any and all of our clients with these filings.
Please reach out to any of our staff with questions or assistance.