|Many of our clients received PPP loan funds in early April 2020 and may need to apply for forgiveness soon, if they opted for the 24 week covered period.|
According to the Small Business Administration, a borrower can apply for forgiveness once all loan proceeds for which the borrower is requesting forgiveness have been used. Borrowers can apply for forgiveness any time up to the maturity date of the loan. Please note that if borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred, and borrowers must begin making loan payments to their PPP lender.
|Contact your PPP lender and complete the correct form. Your lender will generally request you fill out SBA Form 3508, SBA Form 3508EZ, SBA Form 3508S, or a lender equivalent via the lender’s portal.|
|Please contact your trusted Bodine Perry advisor with any additional questions you may have and for more information about loan forgiveness!Thank you for your business and we appreciate the confidence you place in our firm.|