Update: The HEROES Act, the HEAL Act, and PPP Forgiveness

Jul 31, 2020 By Evan Nielsen In Business, Other, Taxation No Comment Tags : , , , , , ,

The wheels of Congress keep churning through possible scenarios to help small businesses. The HEROES Act and the HEAL Act are both under consideration and among other things, they may extend the provisions of the PPP Loans. But more importantly, for anyone who’s already received a PPP loan, you can now begin requesting forgiveness of the loan. And thanks to the CARES Act (yup, another acronym) you now have up to 24 weeks to use the funds for qualified purposes in order to satisfy the forgiveness requirements. The provisions for forgiveness are somewhat complex but an online tool from the AICPA (national CPA organization) makes it easier to prepare. You can find the tool at  https://www.pppforgivenesstool.com/.

The process works like this:

  • Use the funds for qualified expenses and keep the receipts and good records.
  • Fill out the forgiveness form (use the AICPA)
  • Submit the Form and the supporting detail/records to the bank that issued the loan.
  • Wait for them to process the request.

We’re always glad to help with the forgiveness process. We recommend you take a look at the online tool and contact your bank first for any initial questions as they should be able to provide free assistance in many cases. Then if you’re stuck or feel you need assistance, give us a call and we’ll help get things rolling. Keep in mind that we’ll still need the information & records so it’s a good idea to start pulling those together now no matter how you decide to move forward.

Disclaimer: For informational purposes only. Does not constitute legal, financial, or other advice. Consult with a professional before taking any action.