Gorfine, Schiller & Gardyn’s Director of Tax, Aaron Bloom, provides important insights into the current PPP loan forgiveness application process and what companies need to know now.
The formal end of the Paycheck Protection Program (PPP) was on May 31, 2021, and for companies who received a PPP loan in round one, it’s more important than ever to ensure any deadlines to request forgiveness are not missed.
Fortunately, there’s still time to apply for the PPP forgiveness you are entitled to receive. The timeline for asking for forgiveness is based on the date a PPP loan was received, in addition to the 24 weeks potentially used for the covered period, then adding an additional 10 months to that date.
Our latest podcast covers:
- The different forgiveness forms
- Timeline of the covered period
- Necessary documents to compile and prepare for the process
- Overall timeline for gaining loan forgiveness
Over time, more and more information about these loans has become clear, and the government continues to add clarity that was previously unknown. Its extremely important to follow the guidelines and make sure you’re within the regulations of these once seemingly-unregulated loans. Please contact us for questions or assistance in making sure you maximize your company’s PPP loan and forgiveness options.
For more in-depth analysis about this and many other tax and audit issues, remember to subscribe to our podcast or sign up for email updates.Categories: Podcast, Tax, Tax Planning, Small Business, COVID-19 Resources