Recently the American Institute of Public Accountants issued 5 reasons borrowers shouldn’t rush their PPP forgiveness applications. https://blog.aicpa.org/2020/07/5-reasons-borrowers-shouldnt-rush-their-ppp-forgiveness-applications.html#sthash.PzQwB5Ak.DHAJQets.dpbs. Basically, there is no reason or deadline to rush into applying for forgiveness.
Congress is considering an additional round of stimulus and it is very possible this legislation will include automatic PPP loan forgiveness at certain loan amounts, eliminating or significantly reducing the application process.
Additionally, there are questions asked of the SBA for which answers have not yet been provided. We believe the SBA is waiting for this coming legislation to answer or provide additional clarity regarding legislative intent before they answer these outstanding questions.
The AICPA has developed loan forgiveness tools and will continue to update those tools for these outstanding answers on some key questions. Many lenders aren’t accepting applications for forgiveness yet and payroll providers are developing reports to deliver the information needed. The current PPP Loan Forgiveness Calculator can be found here https://future.aicpa.org/resources/toolkit/paycheck-protection-program-resources-for-cpas. Additionally, the AICPA has partnered with CPA.com and biz2credit towards the development of a free PPP forgiveness tool that will assist a borrower in preparing the necessary forgiveness package that can be submitted to their bank. That tool can be found here https://www.pppforgivenesstool.com/.
While you can visit these websites to gain an idea of what the loan forgiveness process may look like, we highly recommend waiting for the pending stimulus legislation to see how that may impact the loan forgiveness for you.
In the meantime, if you have any questions regarding your PPP loan, please feel free to give us a call at 307.634.2151 or 970.287.1041.