Hagan, Tucker, Schmitt & Gintz Business Partners:
We look forward to the SBA launching the PPP Loan Forgiveness Process on or after August 10, 2020. Our contacts at local financial institutions plan to be ready when this happens. However, the situation continues to be very dynamic as the SBA and Treasury are not set to release any additionally needed FAQs before anticipated new relief legislation prior to the Congressional recess Aug 8th.
It appears that lenders will each have their own process to make the application for forgiveness as easy as possible. Lenders will be reaching out to you via phone and email with instructions for applying for forgiveness. When you receive this information, we ask that you forward it to us immediately. So far, many of the requirements for documentation to be retained by the borrower remain, although some may not currently need to be submitted to the lender.
We will continue to monitor developments in legislation and we advise our business partners to be patient. There will likely still be unanswered questions after the application process is open.
If you have not engaged us to help you prepare this information already, and you wish to do so, please give us a call.
Thank you for your continued trust and relationship with our firm.
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Hagan, Tucker, Schmitt & Gintz LLC