You filled out the paperwork, submitted your application with your lender and received approval for your Paycheck Protection Program (PPP) loan! Now what? Loan recipients have to pivot their concerns from maximizing their PPP loan amount to maximizing PPP loan forgiveness. To ensure you receive the maximum amount of loan forgiveness, you need to start planning for the next few months now. Be strategic and deliberate with your decisions about how and when to bring employees back, how to spend the funds and how to maintain adequate documentation to support your application for forgiveness.
The Act and interpretations of the SBA or Treasury Department regarding the PPP contain many ambiguities. The Act requires that the SBA release interpretive guidance on the loan forgiveness section of the Act by April 26, 2020. Due to the considerable uncertainty around PPP loan forgiveness, we welcome you to contact us at 800-332-7952 to navigate the process.