PPP Forgiveness - Current Expiration 10/31/2020
While the SBA is still in limbo about automatic forgiveness and some lenders are putting everything on hold until a final SBA decision happens, I wanted to give my thoughts on what small business owners should do. My bank has not given any direction on starting the process for completing the forgiveness application. I spoke with my banker on Monday and she informed me that they were waiting to see if the SBA would automatically forgive loans under $150,000. While that would be an amazing thing to have happen, the expiration date on the forgiveness application is dated 10/31/2020. I decided that the best solution is to complete the forgiveness application and submit it to your bank. Hopefully they extend the expiration date, but it's better to be proactive and spend 30 minutes on completing the application than being reactive waiting on two entities that will not be responsible for making your payments (banks and SBA). You should complete the application and forward it to your bank. Click here for the loan application. Our monthly newsletter always has small business updates and tips. Subscribe now.