For many of you, the end of your 10-month deferral for your PPP loan is quickly approaching. Many lenders have already opened applications for PPP loan forgiveness. So now is the time to think about applying for forgiveness, but is it the right time to actually apply?
There are numerous things to consider before applying for forgiveness—perhaps the biggest is a reminder from the SBA that only the money you’ve spent from the loan can be forgiven. As such, if you were able to stretch your loan out and haven’t used it all yet, you might want to wait until you’ve used more or all of it.
Your lender can help you with the basics and they are with whom you need to apply for forgiveness (not the SBA). For example we bank with J.P. Morgan Chase, who has opened applications for loan forgiveness. They have a section of their website dedicated to their small business customers and PPP loans, including a checklist for customers before they apply.
We know first hand how confusing this all can be—but you don’t have to navigate this alone. We are all in this together—and as we go through this process for our business, we are learning more efficient methods to help you with yours. Click below to contact our offices and learn how we can help.