PPP: INFORMATION YOU NEED TO KNOW
The federal government’s Paycheck Protection Program (PPP), part of the CARES Act, provided business loans that can be forgiven if the right circumstances are met. With the end of the year approaching, the EDC understands that there is a new sense of urgency to complete the actual process of forgiveness. This process can be very challenging and many lending institutions are addressing the information differently. An important note is that the Small Business Administration (SBA) has not finalized this forgiveness process, despite some banks accepting the forgiveness applications at this time. The EDC speculates that the legislative packet that includes guidance on PPP forgiveness processing will not pass until 2021.
