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.
For more detailed information, please visit the Small Business Administration’s website.
As we navigate through these times of uncertainty and live out our new normal, we here are at The Foresight Companies want to be your source for all topics related to your business operations.
Please visit our COVID-19 new Business Operations Resource Center frequently as we continue to update as changes are occurring.
If you have any questions or concerns, please do not hesitate to pick up the phone and give one of us a call at 1-800-426-0165.
*Please note that as information is updated and modified, terms and conditions are subject to change.