PPP Loan Forgiveness Check-in
Watch on Youtube: https://youtu.be/TSKKcmqU--c
I've back with another update on the PPP loan forgiveness process. I wanted to check in with you today because I think a lot of you out there are ready to get this over with and asking yourselves "when can we apply for forgiveness?" or "what is taking so long?". There's some stress out there about this but I wanted to tell you that the word of the day is 'patience' because if ever there has been an environment where things are in constant flux and change, this is one them. Nearly every time we turn around Congress is tweaking the law trying to make it more flexible or trying to simplify it. That is really affecting how all of this is going down. I would encourage you to be patient though.
There are some great benefits and it will probably result in many of you receiving a greater level of forgiveness of these PPP loans. Maybe total forgiveness, the longer you wait, as thing fleshes out and evolves. There are tools being developed that are going to make the process much easier but we still need a lot guidance from the SBA and the Treasury with key questions. I'm not trying to throw them under the bus by any means because about every time they issue guidance the law changes.
There's some very serious efforts on Capital Hill to change the law again to make it easier and broaden it's application. There's even some talk about automatic forgivness procedures that will make it easier and again may result in full forgiveness for many businesses.
The fact of the matter is most lenders aren't even accepting forgiveness applications yet, so there is nothing to be done right now. That's okay because under the flexibility act, as you probably remember, the covered period is now twenty-four weeks instead of eight. This is a great benefit to a lot of people. and even if that weren't the case, loan payments on any unforgiven PPP loans don't begin for ten months until the end of that covered period. We have plenty of time to deal with this. It's going to play out to a much greater benefit to most people the longer we wait.
I also want to remind you that there is over a hundred billion in funding still available to be applied for. Theres talk of adding even more to that fund currently and you have, I believe, until August 8th to apply. Don't let the complexity of this frighten you off if you need this for your business go out and get it. It might be difficult to find lenders right now but they are out there. We encourage you to take advantage of this, be patient, let this play out, and it's going to be a great benefit to many of you.