The PPP Loan Program has been extended to August 8, 2020. If you are a business or self-employed and have not yet applied (even if you have a different SBA EIDL loan), please call us to see if you should. You still are required to apply through your bank. However, if your bank is not accepting initial applications anymore, you can try Lendio.com.
There are a lot of companies whose eight weeks are up and are overwhelmed with the forgiveness application. Please hold off. First, you now have 24 weeks to use your PPP funds. Most, if not all, businesses will benefit by not stopping at the eight weeks.
Second, you will be applying for forgiveness through the same bank you received your loan from. Most banks will not be ready to accept forgiveness applications until mid-August. We understand that for most it will be an online process, not the written application. You are not required to make any PPP loan payments until you get through the forgiveness process; you have up to 10 months to do that.
Every few weeks the government is coming out with easier ways to apply for forgiveness, so please do not rush the process.
Even with all of the good news, you still need to be prepared and have your paperwork ready to go. We understand that even though you are getting forgiven through your bank, the SBA retains the right to audit files well into the future.
As always, if you have any questions about this process, please look for our email updates, give us a call at 203.933.1679, or contact us.
Thank you and be well!