The Small Business Administration has informed lenders that the Paycheck Protection Program Forgiveness Platform will not begin the review and acceptance of Forgiveness Applications until at least August 10, 2020. Any new legislative amendments to the forgiveness process require may extend this date.
Many borrowers who received PPP loans have already completed their specified “covered period” and spent the PPP loan proceeds. The plan was to submit the forgiveness applications as soon as possible. It is suggested that any necessary documentation be assembled in preparation for submission although lenders are not currently accepting applications.