PPP Reporting & Forgiveness Applications

Hopefully you are having a good year in spite of the Pandemic!!!!!!!!

Please be reminded to obtain Forgiveness for a PPP loan you have to request it from the bank where you received the loan from. I understand SBA is still working on some of the Forgiveness criteria and I have not heard of but one bank (a smaller regional) that has actually opened the forgiveness application process.

I bank with Wells Fargo and from last I heard they have not yet begun application process. It is my understanding that until you get a letter confirming monies are forgiven they are still owed.

If you want help with the application just let me know and send me a copy of the initial PPP loan agreement from the bank and a draft of your application and before its submission to the bank. 

It remains my understanding many/most banks will require you to submit your application using their form and they will send you a link to on their web site. Be sure to stay posted with your bank/me/the news on the process.

At present it is my understanding present law will require once any PPP monies are forgiven business owners are not going to be allowed a tax deduction for the PPP monies used for covered expenses when/if they are forgiven. There has been talk in Congress on changing this but at this time best to do your 2020 tax planning on the basis of present tax law.

Thanks and be safe.