PPP Loan Forgiveness Applications Must Wait

    One of the key features of the Paycheck Protection Program (PPP) was that these business loans could be partially or entirely forgiven. This would be based on whether the funds were spent on wages, keeping employment levels the same as they were before the COVID-19 pandemic, and other factors. Of course, proof would have to be provided that these requirements have been met and an application needs to be submitted. All of that has now been put on pause.

    Those Forgiveness Applications will not be accepted until August 10 at the earliest. Part of the reason is that the Treasury Department has not yet issued the final guidance on those applications. That may be because the US Senate is looking into another round of economic stimulus, which will certainly change the procedures related to forgiving PPP loans. What will happen remains to be seen, so for now we will all need to exercise some patience.


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