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PPP Forgiveness Application Update

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August 31, 2020

Dear Clients, Colleagues and Friends,

After a fast-paced roll out followed by subsequent sets of modifications to COVID-19-related government legislation and assistance programs, such as the PPP & EIDL, there has been a lull in significant updates for the past several weeks. Although these changes appear to be leveling off, we have a brief update to share on PPP loan forgiveness. 

The Small Business Administration (SBA) began accepting PPP loan forgiveness applications from lenders on August 10th. Although borrowers are now eligible to apply, Presti & Naegele is encouraging most to hold off on submitting their forgiveness application to their lender for several reasons, including:

·     Proposed legislation that is in consideration by lawmakers pertaining to automatic forgiveness for PPP loans granted under $150,000

·     Further guidance is expected from the SBA

·     Some lenders are not yet accepting forgiveness applications as they are awaiting additional information from the SBA to finalize their internal processes

Our team is here to help during the PPP loan forgiveness process. P&N will continue to monitor the latest guidance issued by the U.S. Department of the Treasury and the U.S Small Business Administration. For all of our COVID-19 updates, please visit our website at www.pntax.com and our COVID-19 updates page at https://www.pntax.com/covid-19/.

If you have any questions or need further information, please contact your Presti & Naegele professional directly, or dial 212-736-0055 for immediate assistance. Stay safe.

Presti & Naegele