Feds May Simplify PPP Forgiveness
Last week, the Senate approved an act that would streamline the PPP forgiveness process.
The good news? The act would reduce the forgiveness application to one page for loans under $150,000. This new application would basically be reduced to a promise that the funds were used properly.
The bad news? The act didn’t make it to the floor of the House before Congress went into recess for two weeks.
PPP borrowers have up to 24 weeks from when the received the loan to apply for forgiveness. So it definitely looks worthwhile to wait to apply until our esteemed legislators come back in from the playground and recess is over. Stay tuned!
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