Earlier in the year, we offered some advice on applying for PPP loans as part of the CARES Act. Now, many of our clients and friends have completed their covered period. Our friends at Brainyard reached out to an expert on the subject of “When” to apply for forgiveness. In short:
- Rules around the Paycheck Protection Program continue to evolve. We asked a legal expert to interpret the latest developments.
- Choosing whether to file for loan forgiveness now is largely a matter of the size of the loan your business received.
- Some businesses may want to collect documentation that proves the necessity of their original loan application, in case the Small Business Administration’s request to confirm said necessity is approved.