Preparing for PPP Loan Forgiveness

By August 13, 2020September 15th, 2020Employment News, News

As many of the businesses who applied for and were granted PPP loans have since exhausted their funds, we’re beginning to receive calls from diligent accounting professionals and controllers requesting assistance documenting their spend. Simultaneously, we’re beginning to hear from banks that they will be opening their doors to loan forgiveness applicants very soon.

Here’s the rub: very few if any banks have clearly spelled out what they want to see in their loan forgiveness applications making it difficult for MarathonHR and our clients to comply. Don’t get me wrong, we respect the determination of these professionals to take the responsible action and work ahead, but until the banks have specified the format in which they would like to receive your forgiveness application, we’re suggesting that you hold tight so that unnecessary efforts aren’t put forth to report and then have to update your reports to comply.

Heck, if we wait long enough we may get lucky and find that some of the prophecies of a simple signature application for forgiveness of loans up to $2MM may come true.