As I am sure you have seen in the news, while the frequency of changes to this program have subsided, the government does continue to tinker with this program.
We were all told that submissions for the Loan Forgiveness Applications would begin starting this past Monday, August 10, 2020.
That date has come and gone, and most if not all lenders have not yet opened their portal for the application submissions.
The good news is that a majority of our business clients will qualify to use the EZ application which will reduce the time necessary to complete the application.
I realize that some of you are in a hurry to complete this and get it over with, however I do suggest you have some patience. Not only is there now 10 months to apply for forgiveness, we also have it on good word that there is a substantial likelihood that all loans under $150,000 MAY be AUTOMATICALLY FORGIVEN with a signed certification by the business owner that the loan was used in accordance with program guidelines. This would be huge for most of you.
So, even if your lender opens their portal (and we all suspect that they are delaying for this reason alone) I would recommend that you hold off a bit to see if this comes to fruition soon.
Thank you as always for allowing our firm to be your Trusted Advisors.