October 28, 2020
So… do you remember that one time I told you that you might want to procrastinate? (If you don’t, we were talking about whether or not you should apply for forgiveness of your PPP loan.) Well, if you waited, you here’s some good news! The SBA recently simplified the process for borrowers who received less than $50,000.
You can find the instructions, application, and a full copy of the order (I recommend putting off reading this, too, it is more boring than almost all of the books I was assigned in high school English) on the SBA website.
Don’t forget, you can only put this off for so long. You do have to apply within ten months of exhausting the funds you received or you will need to begin making payments. Of course, individual situations vary and therefore your deadline to apply for forgiveness may be different, so it is always best to consult with your lender, tax advisor or legal counsel. Let me know if you have any questions about this! And please, don’t tell my kids that I ever said it was okay to put off doing something that you need to do!
Treasury Secretary Steven Mnuchin did say that he will “continue to favor additional legislation to further simplify the forgiveness process.” If this does happen, I will let you know right away if you follow me on Instagram or like my Facebook page.
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