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The SBA announced that it will start accepting PPP Forgiveness Applications on August 10, 2020.
Your lender should be notifying you of their process to accept these.
A new, free online tool is available to help PPP borrowers complete the forgiveness application for Paycheck Protection Program (PPP) loans.
Available at PPPForgivenessTool.com, the dynamic platform automates the forgiveness process for PPP borrowers. The tool is available to any business approved for a PPP loan, regardless of the lender it worked with to receive funding.
The tool will produce all government-required forms automatically. The PPP applicants will be able to electronically sign the SBA Form 3508, PPP Loan Forgiveness Calculation Form, or Form 3508EZ, and the required source documents will be saved into a downloadable file that can be provided to PPP lenders.
Final Treasury and U.S. Small Business Administration (SBA) FAQs on PPP forgiveness are expected to be released soon, and the PPP loan forgiveness tool will be updated to reflect any new changes. Based on this, I recommend that borrowers wait for the final guidance before generating the final signed Form 3508.
For more news and reporting on the loan and stimulus tax programs related to the Coronavirus, please visit my Coronavirus blog page here.
https://www.chriswhalencpa.com/category/coronavirus-related/
Questions? Concerns? Call me on (732) 673-0510.
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Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com
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