04/28/20 – Additional Funds Allocated to PPP
As most of you probably know by now, additional funds have been allocated to this program. Banks began processing applications again on Monday the 27th, so if you didn’t get in on the first round, you still have a chance. Everyone expects these funds to go even faster than before, so make sure to act quickly.
Unfortunately no practical guidance has been issued since our last post that would provide answers to how to spend these funds to maximize forgiveness. We know it’s frustrating to be making decisions without necessary information, but in the meantime, we highly recommend reading our post from 4/22/2020 below if you have not already done so. We still believe this will be extremely applicable and don’t want anyone to be in the position where you’ve spent loan proceeds thinking it will be forgiven and now must pay it back.
Please continue to review our tools and resources listed above. We’ve added another tool that outlines the steps to take for PPP Loan forgiveness with the information currently available.
We will continue monitoring the news multiples times a day for any updates as we have been. Apart from the additional funding, it has been very slow over the last week or two. We anticipate more guidance to follow and will be sure to keep everyone apprised of what we learn.