Tying Up The Loose Ends From PPP Draw 1

Guest User • May 28, 2021

The majority of our clients have applied for and been granted forgiveness for PPP Round 1. This should be a straightforward and fairly simple process with your bank. If you have not done so already, now is the time to get this application done. You have 10 months from the end of your 24 week PPP covered period to apply for forgiveness. After the 10 months have passed, the original proceeds distributed to you will be automatically restructured as a loan with a 2 or 5-year maturity, depending on when you originally received the proceeds.

Contact your bank and ask how they would like you to send in your forgiveness application. If you have already received forgiveness, make sure to retain your SBA release letter and let your planner and CPA know that forgiveness has occurred.

For those of you who applied for and received a PPP second draw, you may be getting antsy to get this one forgiven now as well. We do not suggest you begin your application for forgiveness on PPP second draw until at least 24 weeks after receiving your second draw amount. Mark that date on your calendar and reach out to your bank at that time to fill out the application for forgiveness on round 2.

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