Borrowers who received Paycheck Protection Program (PPP) loans under the Coronavirus Aid, Relief, and Economic Security (CARES) Act are asking their CPAs if and how they will qualify for PPP loan forgiveness. There is uncertainty over some of the program details. Organizations, especially small businesses, worry about meeting the maximizing loan forgiveness requirements.
While questions remain about some forgiveness process details, CPAs are following developments. It can be difficult to be patient when your organization is affected by the ongoing uncertainty COVID-19 created.
We are still waiting for additional guidance from the SBA and Treasury. Here is a link to the main questions that are still unanswered as of today.
While you may be anxious to apply for forgiveness, here are 5 reasons why borrowers shouldn’t rush their loan forgiveness applications.