PPP Forgiveness must be Applied for.November 16, 2020
Ok so you’ve applied for a PPP Loan, gotten the approval and received your money. You’ve heard that this loan is forgivable so all you do is sit back and wait for the SBA to send you something, right? WRONG!!!!
Under the current law, forgiveness must be applied for through your bank in conjunction with the SBA. This application has to be submitted generally BEFORE the Maturity date of the loan. If you received a loan for less than $50,000, the application process is easier but you must apply nonetheless. Many banks have streamlined this process online so it’s a matter of reaching out to your bank to start the application process.
Feel free to reach out to our offices if you need further assistance.
Tags: PPP Loan Forgiveness
Written by: Doug Rodrigues