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The Small Business Administration (SBA) advised lenders on July 23 that the PPP Forgiveness Platform will not begin accepting Forgiveness Applications until August 10, 2020, and this date will be subject to extension if any new legislative amendments to the forgiveness process necessitate changes to the system. Final Treasury guidance concerning PPP Forgiveness Applications (which was expected in early July) is now not expected until after related federal legislation is resolved. Banks, accountants and others are being advised not to process PPP Forgiveness Applications until this legislation is enacted and related Treasury and SBA guidance is finalized.

The Coronavirus Aid, Relief, and Economic Security Act (CARES) (P.L. 116-136), signed into law March 27, features several different relief programs to help businesses stay afloat, but some of them are mutually exclusive, meaning business owners need to understand each one.

Like you, our firm is monitoring the situation and awaiting guidance from the IRS to implement many of these provisions. In addition, our firm needs to await software companies to make coding changes to allow us to process some of these provisions for our clients.

The Coronavirus Aid, Relief, and Economic Security Act (CARES) (P.L. 116-136), signed into law March 27, features several different relief programs to help businesses stay afloat, but some of them are mutually exclusive, meaning business owners need to understand each one.

Like you, our firm is monitoring the situation and awaiting guidance from the IRS to implement many of these provisions. In addition, our firm needs to await software companies to make coding changes to allow us to process some of these provisions for our clients.