Many of you have checked with us about applying for the forgiveness of your PPP loans, and we are happy to help. The SBA extended the time for using your PPP loan proceeds to 24 weeks after the funding of your loan, and in general, we recommend that you wait until after that 24-week period to apply. Most of you will have spent the funds on payroll during that period, so the use of the funds are easily documented.
You have 10 months after the 24-week period to apply for forgiveness before any loan payments are required.
Your bank may or may not require documentation of the uses of the funds.
Give us a call if you would like for us to help with your application.