PPP loan forgiveness opens, but changes are anticipated Email
Tuesday, August 25, 2020 02:00 AM

working on businessThe US Small Business Administration (SBA), opened the Paycheck Protection Program (PPP) loan forgiveness process on August 10. Loan forgiveness applications are now available at sba.govThe PPP loan program closed on August 8.

Some experts are cautioning business owners against applying for loan forgiveness right away. Just as the rules around applying for PPP funds changed after the program launched, some anticipate upcoming changes to the forgiveness process.

After all, FAQs about the loan forgiveness process were issued on August 11—weeks after applications were published and a day after the application process opened. Those FAQs are available for download at sba.gov.

Others are holding out hope that some loans may be forgiven without a lengthy application if they fall under a certain threshold. With the anticipation of further changes to the rules around forgiveness, there seems to be no urgency to begin the process.

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