If you have already applied for a loan and have been approved, our office has developed a process to help you monitor the 8 week period after receiving the PPP funds. Our process can help some clients estimate the forgiveness portion of their loan and in some instances aid them in their decision making to help maximize the forgiveness portion. We are stressing to clients that this PPP funding is foremost a 2-year loan which has a very favorable 1% annual interest rate. If certain criteria are met, it is possible a portion of the loan will be forgiven. The computations and possible loan forgiveness consist of a complex set of variables and rules, some of which are subject to further guidance expected to come from the SBA in the coming weeks.
If you're interested in having our office put together a projection, please contact an advisor at one of our offices. We will provide you with the information we will need to help project the possible loan forgiveness.