Blog

PPP Applications, Forgiveness and SBA Programs

05/19/2021
Chris Wittich

Reminder that your PPP1 forgiveness applications are due 10 months after your 24-week covered period is completed.  For example, a PPP1 loan that was funded April 19th the 24-week covered period ends October 3rd.  So, the 10-month due date to submit forgiveness applications would be August 3rd.  There is plenty of time to work on the PPP1 forgiveness applications and we are here to assist with them.  We’ve helped hundreds of clients prepare their PPP1 forgiveness applications of all size.  Now is the time to work on them if you haven’t already submitted.

The PPP2 program has run out of money and is not accepting applications anymore.  It’s unknown but it seems unlikely there will be more funding added to this program.  The SBA’s Shuttered Venue Grant is open, and money is going fast and unlikely to meet all of the demand for this grant.  The SBA’s Restaurant Revitalization Fund is also now open and applications poured in quickly more than doubling the amount of money allocated to the program in the first week.  It is unknown if more funding will be allocated to either program, but you want to be putting in applications for those right away if you qualify.  If you think you might qualify or need help applying please reach out we’ve helped many clients get in the queue for this funding.

The SBA also has funding for additional EIDL if you would like to reapply for more funding that way.  As a reminder the EIDL is long term debt which is not forgivable, and it carries with it numerous restrictions and terms which are important to understand if you are considering taking any additional EIDL funds.  In many situations the EIDL is not a good fit for your business.  Contact your Boyum Barenscheer CPA for assistance.

 

 

Previous

Do You Know the New Accounting Rules for Gifts in Kind?

Next

Tax Update on PPP, Unemployment Benefits and Employee Retention Credits