Dear Jason – January 2021

 In Dear Jason

Dear Jason,

My bank is sending me letters regarding loan forgiveness for my PPP loan.  What should I do?



Dear Pat,

You have plenty of time to apply for loan forgiveness; I will be helping many of my clients do so in the late spring and early summer timeframe.  If your PPP Loan was under $150,000 then I recommend you wait until the new Loan Forgiveness Application comes out in late January.  This will be the SBA’s 4th loan forgiveness form that they have produced.  If your loan amount was over $150,000 then you may need to use one of the other 3 more complex forms.  If you are unsure of any of the questions on the form(s), I recommend that you work with a CPA who understands the loan forgiveness process.  If the loan forgiveness application is not completed correctly, it is possible that some of your loan may not be forgiven, and there is currently no way to amend a loan forgiveness application.



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