PPP Loan Forgiveness Update – Banks Not Expected to Accept Applications Until August 10th

PPP Loan Forgiveness July Update 2020
PPP Loan Forgiveness July Update 2020

Many business owners are now finished spending their PPP funds and are ready to get started on the forgiveness part. I mean who wouldn’t be eager to receive loan forgiveness on the full loan amount or majority of their loan? It will surely take some stress off your back and of course debt!

Here is what is going on…

When Can Applications Be Submitted?

The PPP Loan Forgiveness Application was made available back in May, but banks are being advised not to process PPP Forgiveness Applications until further guidance is released by the U.S. Treasury and SBA.

When Will Further Guidance Be Released?

We were expecting that the final guidance would be released in early July, but it is now dependent on when related federal legislation is resolved.

The new expected date for Loan Forgiveness Applications to be accepted by banks is August 10th. As always, keep in mind this is not a hard date as it is dependent on when legislation is enacted.

What To Do While We Wait?

Although we have some time before banks will start to accept PPP Loan Forgiveness Applications, we do recommend borrowers start gathering the necessary documents that display how the PPP funds were used.

What Documentation Is Needed For Forgiveness?

While each businesses case may be different, here are some documents you will need to gather.

  • Documentation verifying the number of employees on payroll and pay rates—including IRS payroll tax filings and state income, payroll, and unemployment insurance filings
  • Documentation verifying payments on covered mortgage obligations, lease obligations, and utilities

We will continue to watch legislation and keep you updated. For some cases and depending on loan amount, preparing the needed documentation for forgiveness may be more difficult than others. We will be assisting in Loan Forgiveness Applications starting in mid-August, but like banks we are waiting for final guidance to be released, so this date may change.

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Justice Bragg

Business Development Specialist, Florida

At work, Justice is passionate about helping the team make decisions and connections that propel the business forward. He prioritizes client satisfaction by serving as a medium to facilitate communication to the proper channels making sure every issue is properly addressed.

Outside of work, Justice enjoys exercising by going to the gym and playing pickleball with his friends. He is a self-proclaimed foodie who can’t say no to trying a new restaurant, sometimes even immediately regretting it.

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Staff Accountant, Florida

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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.

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