Have you submitted your PPP forgiveness paperwork yet?
I have been waiting to see if Congress would waive paperwork and automatically forgive PPP loans that were below $150,000. Now this seems unlikely so time to start gathering documents for submission. The best situation would be to have PPP loans forgiven before December 31st so that businesses on a calendar year for taxes would know how to treat these funds for 2020 tax planning.
If you need help with gathering your documents or completing the forms, please let us know. Our team are hard at work on this for our existing clients. We are submitting forgiveness documents this month.