​Don’t Rush Your Submission For PPP Forgiveness

​Don’t Rush Your Submission For PPP Forgiveness

08/26/2021 Tags: Announcements, In the News, COVID-19, PPP

If you haven’t already filed for forgiveness of your business’s Paycheck Protection Program loan, you might want to continue to wait.

This is especially important if you’re considering your PPP loan’s impact with the Employee Retention Credit, small business grants, or any other forms of COVID funding.

Right now, the Small Business Administration doesn’t offer the ability to amend PPP forgiveness applications. And there’s not any indication they’ll add that ability in the future.

Failing to present any and all eligible expenses on your PPP forgiveness application may cause you to lose potential ERC.

For example, if you submit an early application with only eight weeks of payroll and no non-payroll costs, you can’t use additional weeks of payroll or non-payroll toward forgiveness at a later date after submission. This restricts what you can claim for ERC during a PPP loan period

If you qualify for ERC in a quarter during a PPP loan period — whether for a first or second draw — please contact us if you need help maximizing your credit and forgiveness.

This communication is intended to provide general information on legislative COVID-19 relief measures as of the date of this communication and may reference information from reputable sources. Although our firm has made every reasonable effort to ensure that the information provided is accurate, we make no warranties, expressed or implied, on the information provided. As legislative efforts are still ongoing, we expect that there may be additional guidance and clarification from regulators that may modify some of the provisions in this communication. Some of those modifications may be significant. As such, be aware that this is not a comprehensive analysis of the subject matter covered and is not intended to provide specific recommendations to you or your business with respect to the matters addressed.

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