PPP2 | PPP Forgiveness

by Lynnea Bylund on January 11, 2021

Are your financials ready for the PPP2 filing?   There is less capital in the PPP2 than there was in the first round which was exhausted in 6 days, so being prepared is key.  You can file for PPP2 before filing for forgiveness.  Notice: Paycheck Protection Program resumes January 11, 2021 at 9am ET SBA, in consultation with the U.S. Treasury Department, will open the Paycheck Protection Program loan portal on Monday, January 11, 2021 at 9 am ET. When the PPP loan portal system opens, it will initially accept First Draw PPP loan applications from participating CFIs, which include Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs), and Microloan Intermediaries. See | SBA PPP2 

Are you ready to begin the PPP forgiveness process? 

Start by contacting your PPP lender and complete the correct form. Your Lender can provide you with either the SBA Form 3508, SBA Form 3508EZ, SBA Form 3508S, or a lender equivalent.  The 3508EZ and the 3508S are shortened versions of the application for borrowers who meet specific requirements.  Compile your documentation for your selected covered period.  Include payroll records during covered period or the alternative payroll covered period, bank account statements that show cash compensation paid to employees, payroll tax forms, receipts, cancelled checks, or statements with employer contributions to employee health insurance and retirement plans.  Non payroll items to include are business mortgage, rent, lease, utility payments. Once you have compiled all of your documentation, you are ready to submit the forgiveness form and attachments directly to your PPP lender.  Stay in communication with your lender! SBA Loan Forgiveness

Happy New Year 2021Stay safe and healthy! Lynnea Bylund

Email us with a request to schedule a call to discuss and we can provide further guidance.

#StayHome #StayStrong #SBA #PPP #EIDG #EIDL #CARESAct  #PPP2 #NVGOED #PETSGRANT #Grateful #ClarkCountyNV #StabilizationGrant 

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