Loan Forgiveness Stalled

Ready to receive loan forgiveness? August 10th was the soft date that banks would start accepting PPP Loan Forgiveness Applications, but has been stalled due to pending federal legislation.

Banks and others assisting with PPP Loans have been advised to wait for legislation to be finalized because the application process may change.

What are the changes we may see from pending legislation?

The pending legislation is proposing a simplified, one-page loan forgiveness application for borrowers with loans less than $150,000. This could be fantastic news for micro-small businesses. You can save lots of time filling out the application and overall, it will be much simpler to receive forgiveness.

For businesses with over $150,000 in PPP Loan funding we do not expect the same drastic changes. You will still be required to complete the standard PPP loan forgiveness application as well as provide supporting financial and payroll documentation to prove eligibility for loan forgiveness.

What should you do now?

  1. Contact the bank you used to receive your loan and see if they are accepting applications. We have heard of some starting to accept applications, but they will not start processing them until final guidance.
  2. Start collecting your financial and payroll reports to show how you used the fund. If you have less than $150,000 in loan funds you may just want to keep cool and wait it out to avoid extra work, but no harm in being over prepared!

For those with more complex applications, we will be offering assistance to help you receive loan forgiveness. Like banks we are waiting for final guidance to be released. But do not hesitate to reach out to us now!

We are dedicated to the success of small businesses. Our mission is to save you time, money, and grow your profits. For assistance call or email our office and we can get you booked for a free consultation or you can use our link to book

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Melanie Jerome, MBA

SENIOR STAFF ACCOUNTANT, FLORIDA

Meet Melanie J, one of our senior staff accountants! Melanie ensures your financial health with precision and expertise. Beyond the office, she’s a true crime enthusiast who loves traveling and outdoor adventures. Whether she’s balancing books or exploring new trails, MJ’s dedication and skill set the standard for excellence in our team.

Seren Lunsford, MBA

STAFF ACCOUNTANT, INDIANA, QUICKBOOKS ONLINE PRO-ADVISOR

Meet Seren, one of our dedicated staff accountants here at level accounting! She is responsible for bookkeeping & payroll. Outside of the office, you can find her on the sidelines of a soccer pitch, karting track, or baseball diamond, cheering on her two active boys. Seren is also a proud owner of two gentle giants, her beloved Great Danes. In her downtime, she channels her creativity into baking and decorating sugar cookies, always eager to experiment with new baked goods ideas and recipes. With her expertise in accounting and her passion for family, pets, and baking, Seren brings a unique blend of professionalism and warmth to our team.

Ivette Rivera

EXECUTIVE ASSISTANT, FLORIDA

Ivette Rivera is our Executive Assistant at Level Accounting, juggling schedules and keeping things running smooth.

When she’s not crushing it at work, Ivette is an avid participant in her church community. As a mom, she’s all about those quality moments, whether it’s baking up a storm, hitting the water for some kayaking fun, or just chilling with a good book or binge-worthy show. And let’s not forget her partners in crime at home: Harley Quinn, the fridge-raiding pit bull, and Atlas, the cat who rules the roost. Ivette’s all about that balance between work hustle and personal bliss.