Over the last several days SBA has started to share information about the upcoming Forgiveness process. August 10th has tentatively been set as the date SBA will open the Forgiveness Application portal. That is the same day they will be releasing further guidance and direction to PPP Lenders on processing Forgiveness applications. Once Central Bank & Trust has access to the Forgiveness guidance and directions we will put together and share a process with our PPP clients to make the Forgiveness as easy and streamlined as possible. We have intentionally avoided guessing on what SBA will need or require for that process in hopes that we can give you accurate guidance and direction that leads to doing the work just one time.
The reason the August 10th date is tentative is because there are numerous proposals being discussed in Congress to streamline and change the Forgiveness process. If one or more of the proposals gets approved in Congress it could change the Forgiveness process from where it stands now, and virtually all proposed changes would impact most Forgiveness applications. SBA has been clear in recent releases that all dates, processes, and applications are subject to change based on things being worked on in Congress. Many of these proposals could be included in a stimulus bill Congress is trying to get done before the August recess. These are all reasons we encourage our PPP clients to be patient with the process.
Should you have any questions, please don’t hesitate to reach out to your Banker or Relationship Manager.
As we wait for the updated PPP Forgiveness Application from the SBA, we encourage you to use the expense tracking log to help keep all expenses tracked and summarized in one spreadsheet. Please note that the default dates are set for the 8-week period, please adjust this to fit your chosen time period. Scroll down to download the spreadsheet.
Clearly, there are a lot of questions to be answered about PPP forgiveness. As your bank, we want to make sure that you are armed with the best guidance we can find. We will continue to share any information or direction we receive from the SBA.