Do Not Rush Your PPP Loan Forgiveness Application
Most lending institutions are not processing loan forgiveness applications and when they are ready there is no reason you need to be first in line. Take your time. Let others iron out the process first.
Some key reasons to be patient include:
- You want to make sure your application is perfect. This will maximize forgiveness and reduce any additional reporting requirements and administrative issues.
- The rules for loan forgiveness could change in your favor.
- The forgives process is new to your lending institution. This is new to every lending institution since this has never occurred before. The lenders may alter their process once they get started.
- The level of detail that will be required may vary by the size of the loan. Again, it is not clear what the requirements might be.
Make sure to have your accounting professional review your loan forgiveness application. Talk to us before you file. If you think you need help, then you likely do. Call or email us for further guidance.