Many small businesses that obtain the PPP Loan concluded their PPP loans covered periods. The lenders and the SBA flooding the internet with the PPP loan forgiveness applications, it is uncertain when the application is due or if it is currently adequately representing the latest guidelines.
Legislative proposal bill 4321 is a Continuing Small Business Recovery and Paycheck Program Act, which supports that all PPP borrowers who received $150,000 or less will automatically have their loan forgiven by simply submitting an attestation form.
This Act will make the PPP forgiveness process simple for small businesses as well as for the lenders. Forgiveness for larger loans will remain the same under the proposal.
We at Intrinsic dm², are ready to prepare and file the PPP forgiveness, but will keep monitoring legislative decision. Lenders continue to prepare to accept the forgiveness applications; many offer step by step instructions on how to file and submit the application.
As unsettling as it is, we encourage you to get familiar with the material information you receive from your landers but keep your complete application and the support documents dormant until you are ready to apply.
Lawmakers continue to battle over the proposed bill. Meanwhile, the SBA circulates changes to the “Final PPP Guidelines” daily, and that puts small businesses in limbo and uncertainty. We will keep you updated with new decisions as they are published.