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PPP Forgiveness: NOT a race to forgiveness

Paycheck Protection Program (PPP) loan forgiveness is top of mind for many borrowers, but many experts say to wait. This is because many changes and updates to forgiveness are still expected. Thursday, the SBA issued a notice saying “it would not begin accepting PPP forgiveness submissions from lenders until a new software-as-a-service platform currently under development goes live Aug. 10. The SBA said the launch could be delayed if new legislation changes the forgiveness process in ways that require changes to the new platform.” Congress is currently working on the new legislation and are pushing to have it agreed to before they go on recess on August 8. The SBA and Treasury are also not expected to release the FAQs on forgiveness anytime soon. New relief legislation could include major changes relaxing the forgiveness requirements of smaller loans ($150,000 or less).

Kari Hipsak, CPA, CGMA, and AICOA senior manager said “There’s no need to rush through the forgiveness,” “A lot of businesses, I think, want to put the forgiveness behind them, but there are still a lot of unanswered questions. And so as long as there’s not a deadline to have this application submitted, other than 10 months after the end of the covered period, it’s really a business decision.”

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