Paycheck Protection Program (PPP) Forgiveness Applications on Hold Until at Least August 10

07-28-2020Legislation

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.

Details released by the U.S. Senate on July 23 indicate that pending legislation intended to offer further support and economic stimulus to address the COVID-19 pandemic will likely include several changes to PPP loan forgiveness measures, including simplified procedures for loans under $150,000 and under $1 Million.

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