On June 16th, the Small Business Administration issued a revised PPP loan forgiveness application along with a new simplified “EZ” version that can be used in certain circumstances. Both forgiveness applications are designed for an 8-week to 24-week ”covered period”. Businesses and individuals with PPP loans can choose which covered period works best for them. Our firm can help you figure out a strategy for optimizing the use of your PPP loan proceeds and for preparing the loan forgiveness application. The loan forgiveness application Form 3508 or Form 3508EZ can be submitted as early as the date on which you have exhausted the loan amount. We urge you to speak with your contact at our firm if you need help with properly utilizing your PPP loan funds or completing your forgiveness application.
Important PPP loan issue: Have you switched payroll services recently???
One very important consideration in getting ready to submit your PPP loan forgiveness application is the availability of your company’s payroll records. You may need to submit to the bank certain payroll records from both 2019 and 2020 with your forgiveness application. If you have switched payroll services, are your 2019 payroll records available from your prior payroll service? Will those records be available when you go to submit your forgiveness application? If you have a PPP loan and you have switched payroll services recently, please call us to discuss the possible impact on your forgiveness application.