Understandably, many of you are eager to get started on your PPP Loan Forgiveness applications. Since the release of the PPP loans, information and forms have been ever-changing. A few weeks ago, the SBA released an “EZ” version of the application meant to simplify the process for borrowers who meet certain qualifications. Since that release, there have been talks of an even more simplified method for borrowers whose loans do not exceed $150,000.

Right now, most lenders are not ready to accept applications and the details of the forgiveness process are still very fluid. It is our recommendation to wait until at least September to start on your application forms. This will allow details to be solidified as well as save time and money that would be spent doing and redoing the application. In the meantime, you can contact your lender to see when they will start accepting applications, ask for a list of documents that they will need from you, gather up your necessary documentation, and make sure your accounting work is up to date. If you have an extenuating circumstance (i.e. business closing) that requires completing the application sooner or would just prefer to get it done with now and would like our assistance, please reach out to us.

As always, we will continue to update you as guidance is issued and we appreciate being able to serve you during these unanticipated circumstances.

--The Team at Rader & Rader