Now that many businesses have utilized their PPP loan proceeds in full, business owners are questioning whether they should apply for forgiveness now. While we understand the desire to get the application for forgiveness out of the way, holding off seems to be the best course of action. With the SBA and Treasury continuing to release answers to frequently asked questions and Congress mulling over providing automatic forgiveness to all loans of a certain size, most banks even agree that applicants should just sit tight. 

Since loan recipients have ten full months from the end of their Covered Period to apply for forgiveness, there is plenty of time to wait to see what Congress might enact. 

The best thing to do at this point is to ensure your paperwork is in order. Scan through the forgiveness application here and any information your bank may have sent to you. Make sure you have the records necessary while the information is still fresh in your mind.

When it is time to complete your application, please let us know if any questions arise. We are more than happy to assist, so feel free to reach out at any time.