PPP applications and forgiveness |
| | Good morning, The long-awaited “second draw” for the Paycheck Protection Program is finally here: Even if you received a PPP loan last year, you can now apply for another one. And you should act now, because the program’s current budget of $284 billion could disappear quickly. The program’s first tranche of funding last year--$349 billion--got claimed in a mere two weeks. But be careful: If you move so hastily that you are unprepared to work with your lender, you might lose your chance at a loan. Once you’ve applied and (hopefully) received approval for a new loan, you’ll need to start thinking about forgiveness. The rules have changed dramatically since last year, including a multitude of new covered expenses and a reduction in paperwork for the smallest borrowers. You’ll need to understand the minutiae right now--exactly what’s different, and what’s remaining the same--to get your loan forgiven down the road. We’ve got you covered. Check out our latest PPP coverage: |
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