{"id":9670,"date":"2020-08-28T09:19:33","date_gmt":"2020-08-28T14:19:33","guid":{"rendered":"https:\/\/www.cainwatters.com\/digitalblogs\/?p=9670"},"modified":"2020-11-16T13:58:16","modified_gmt":"2020-11-16T19:58:16","slug":"developing-legislation-ppp","status":"publish","type":"post","link":"https:\/\/www.cainwatters.com\/digitalblogs\/developing-legislation-ppp\/","title":{"rendered":"PPP Forgiveness Application Information Business Owners Need to Know Now"},"content":{"rendered":"\t\t
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Developing legislation may impact your forgiveness process<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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By now, many of you reading this post will have fully exhausted your Paycheck Protection Program (PPP) funds and may have received an email from your bank indicating their \u201cportal\u201d is open and ready for your PPP forgiveness application.<\/p>

A common question we\u2019ve received in the last week is \u201cshould I apply for forgiveness right now?<\/em>\u201d<\/p>

There are multiple factors that could affect the way you could apply for forgiveness, many of which are currently up in the air.\u00a0 Both the House and the Senate have agreed, in principle, that PPP loans under $150,000 would be automatically forgiven if the borrower would sign a one-page attestation agreement stating that the PPP proceeds were used for the forgivable expenses outlined in the CARES Act.<\/p>

It is also rumored that loans between $150,000 to $2,000,000 may be automatically forgiven if the borrower signs a two-page attestation agreement.\u00a0 We don\u2019t know whether this will get signed into law or not as Congress is \u201con break\u201d right now and won\u2019t return until September.<\/p>

There is also talk that there may be another stimulus bill that gets passed and it is likely this forgiveness will be included in this, however, it\u2019s not guaranteed they will agree on any new relief legislation.<\/p>

Since there is a possibility that Congress may not agree on the automatic forgiveness, we have been working on our own PPP forgiveness portal.\u00a0 We haven\u2019t opened this to clients yet as we are awaiting on deciding action from Congress on any new legislation that would affect the forgiveness process.<\/p>

If Congress does not<\/em> pass new legislation, then it is highly likely you will be able to apply for forgiveness by submitting:<\/p>