The SBA on Friday issued a new interim final rule explaining in more detail the contours of PPP loan forgiveness. Together with the forgiveness application, the new IFR answers some of the many questions we’ve been getting about loan forgiveness. Some of the highlights include:
The Banks have 60 days to assess your application, and then the SBA will have 30 days to approve and pay the Bank the forgiveness amount. The rest, if any, is a loan at 1% interest, with the first payment due 6 months after funding and the entire balance due within 2 years of funding. And remember, even if it is not forgiven, you must spend the money on covered
We provided a Webinar (You Tube link below) to answer many of these questions last week before the regulations came out. Most of what was in that webinar is still correct — but note that things are changing daily. We hope it’s helpful to you.
Contact us here or call 813-778-5161 to schedule an appointment if you want professional help preparing your PPP forgiveness application.