What, You Haven’t Applied for Forgiveness for your PPP Loan Yet?
Hey there, you probably have a little more time before you “Have To” apply for your PPP loan forgiveness. The current rules indicate a s long as you submit a loan forgiveness application within ten months of the covered period and the loan is fully forgiven, you will not be responsible for any payments. Hopefully, all of the 23,000+ lenders across the country have updated their computer systems and internal processes to ensure no clients are impacted by all the updates that have occurred in the program. We are about to see the “Wave” of forgiveness applications to gain height and width and you don’t want to get caught up in the undertow.
Here is my advice, get your forgiveness application in as soon as you are able to and get with your lender on any questions. Do not be lazy or procrastinate. Do not expect congress to get along to agree to an automatic dollar forgiveness.
Every single business is different in what they will need to complete the application process. Every single lender may be different in how they are processing the forgiveness applications. There is too much at stake for you and your business to not be proactive and intentional in getting your application completed and into your lender’s hands to submit to the SBA.
Here are four steps you need to take today to ensure you can sleep well tonight knowing your application is in good shape:
1. Call your lender and know what their process is. It may be online or on paper. Knowing their process and process is critical. You’ve got to work through the process even if it takes several days or weeks. There is no shortcut and like so many other business situations you just need to walk through it.
2. If you have limited resources to help you complete the application get with someone that can help you; a business consultant, accountant, CPA, etc. These financial professionals will be booked up quickly with PPP borrowers.
3. Get your supporting documents together. Get with your payroll provider or your internal payroll documents together. Get your covered expense documents together. In many cases these expenses should be in electronic form so they can be uploaded to the lender’s application. The application won’t be accepted unless each expense item is backed up by supporting documents, receipts, etc..
4. Don’t delay, do it today! Lenders are about to get extremely busy processing forgiveness application. The updated 24 week extended covered period for many borrowers will be ending mid-October and borrowers will be clamoring to get their application for SBA submission so they can get their forgiveness process completed before the holidays and year end. I am having and recommending my clients to prepare now to not get caught up in the “wave”.
If you are struggling with the process or just getting started, let’s set time to meet by phone or zoom so I can get you pointed in the right direction: https://calendly.com/rudyu/15min. (918) 970-0790