When Should Businesses Apply for PPP Loan Forgiveness?

By Keiter CPAs

When Should Businesses Apply for PPP Loan Forgiveness?


Tax Senior Manager Offers Insights to Business Owners on When to Apply for Paycheck Protection Program (PPP) Loan Forgiveness with RTD

Tax Senior Manager Scott Zickefoose shared his insights with the Richmond Times-Dispatch on when business owners should begin applying for PPP loan forgiveness.

“Businesses are weighing when to apply for Paycheck Protection Program loan forgiveness; advisers offer tips” Excerpt:

“Months after billions of dollars in federal government-backed loans flowed to small businesses across the nation to help them keep people employed during the COVID-19 pandemic, many business owners are now considering when to seek forgiveness for those loans.

The U.S. Small Business Administration, which oversaw the loan process, has opened up applications for forgiveness, but so far there hasn’t been a big rush among business owners to apply for forgiveness, some local business advisers say.

Instead, many are taking a wait-and-see approach on the chance that Congress will adjust the rules for forgiveness and possibly fund another round in what has amounted to a $669 billion program.

Fewer than 5% of the businesses that got loans processed through Richmond-based Atlantic Union Bank had applied for forgiveness as of two weeks ago, executives said. Atlantic Union Bank provided more than 11,600 loans through the Paycheck Protection Program, making it one of the largest lenders in Virginia for the program.”

Access the full article.

Source: RTD

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Disclaimer:  This content has been prepared for general guidance and informational purposes only based on the date published.
The FFCRA, CARES Act, and SBA Paycheck Protection Program (PPP) are continually releasing new guidance that may change the information provided within this content. Keiter recommends that you perform your own independent research and/or speak with a qualified accounting professional before making any financial business decisions. © 2021 Keiter, All Rights Reserved.

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Keiter CPAs

Keiter CPAs

Keiter CPAs is a certified public accounting firm serving the audittax, accounting and consulting needs of businesses and their owners located in Richmond and across Virginia. We focus on serving emerging growth businesses and companies in the financial servicesconstructionreal estatemanufacturingretail & distribution industries and nonprofits. We also provide business valuations and forensic accounting servicesfamily office services, and inbound international services.

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The information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.


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