PPP Forgiveness Application Update

Banks are not accepting the Forgiveness applications yet. There is still some debate in Congress about whether or not PPP loans under a specific threshold ($150,000 was mentioned) might be forgiven outright or with a simple one-page application. The application, in its current state, is cumbersome and time-consuming. We are recommending to all of our clients that the forgiveness application be put on hold until the next round of legislation is passed and (hopefully) modifies the process. There is little point in putting costly time into the application if it will be nullified by a future revision.

Our team is following the updates as they happen, and we will be communicating any changes to our clients as soon as we know more.