Paycheck Protection Program

Where do things stand with PPP Forgiveness Applications?

  • The SBA/Treasury have yet to announce forgiveness processing procedures for lending institutions.
  • The process is always changing! Waiting to apply could potentially save you time and effort as new rules are introduced.
  • The SBA recently modified PPP rules to extend the time period for expenditures under the program from 8 to 24 weeks, which could help you maximize your forgiveness amount.
  • If you had reductions in employee pay or wages, you will be penalized in the forgivable amount of your loan if the wages and/or number of employees is not restored by the time you apply for forgiveness. By using a 24-week covered period you are provided more time to restore these employees before applying for forgiveness.
  • By choosing the 24-week covered period, you have more time to speak with advisors (CPA, payroll company etc.) who can help you gather the appropriate documentation for forgiveness or even prepare you a professional payroll report which will help expedite your process when you are ready to apply for your loan forgiveness.

We are working diligently on a solution that will make completing the forgiveness application as easy and smooth as possible. As soon as we have additional guidance from the SBA and that platform is available, we will let you know more.

Have questions? Email us at PaycheckProtection@usffcu.org

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