Earlier this year, Corporate Capital Solutions had the pleasure of processing Paycheck Protection Program applications for many of our clients. As part of our partnership, we will be assisting with the upcoming Forgiveness Process as well! And although many of our clients are eager to get this process completed, we’ve been instructed by our lenders to hold off on submitting applications for forgiveness until the legislation is finalized. Something to note: the PPP forgiveness process is facilitated by the lender that issued your PPP loan and not the SBA directly. According to the SBA, we can begin to process your forgiveness application at anytime, but all of our lenders are advising that that we wait on possibly increased forgiveness measures that they may pass in the coming weeks. Please see below for an excerpt from an email sent last week from our lenders regarding the forgiveness process.
“We are closely tracking the latest guidance from the Small Business Administration (SBA) and are working diligently to digitize the SBA Forgiveness Forms in our platform.
Based on the latest guidance, you’ll have up to 10 months from the end of your covered period to apply for loan forgiveness, and repayments, if applicable, won’t begin until Fall 2021.
Please note that the SBA only recently released its program and technical requirements for the loan forgiveness process. We and our partners are still in the process of certifying our connections to the SBA’s systems and are not accepting forgiveness applications until later this year.
However, it may be beneficial to wait to apply for forgiveness with our online application. The reason to wait is that the guidelines have not yet been finalized, and legislation is now under consideration that may simplify the loan forgiveness process further. If you wait, you’ll also have more time to accrue and track eligible expenses, which may help you maximize your business’s loan forgiveness amount.
Please know there is still ample time for you to apply for and receive forgiveness for your loan. We’ll contact you by email and invite you to apply for forgiveness closer to when your covered period has ended, after the end of 24 weeks from the day you signed your loan note.“
In addition, in an article dated September 24, 2020, Congress is said to be discussing further legislation to simplify the Forgiveness Process.
If you have any other questions, please feel free to give us a call at 1-800-647-6953 or email us at firstname.lastname@example.org for more details!
As always, we appreciate your business and look forward to assisting you!
Corporate Capital Solutions