Well, here we are. Mid-August and the PPP program closed over the weekend on August 8. It seems we’ve been living with the Paycheck Protection Plan for ages, but it just began in April. Since then we’ve seen a spate of SBA and Treasury notices, news releases, filings, forms, and revised forms – the works.
At JRB, we’ve read and tracked everything in our commitment to give you the latest information and our perspectives. I covered Loan Forgiveness in a recent eBulletin and highlighted the missing piece: What’s a lender to do? What’s the process? SBA came out with Procedural Notice 5000-20038 in late July and a 10-page FAQ for borrowers and lenders on August 4.
So what’s a lender to do? To assist our lenders, we went to work! We’ve boiled down the essentials and developed an informational PPP Forgiveness Tool to guide you in navigating the process. Our guide is in PDF format and takes you through it all, including possible contingencies. This tool is also housed under the new JRB Resources Bar here on the JRB Website’s SBA page.
We’ll continue to track this and related issues as they arise. If you have any questions, please reach out. We’re here. Stay safe and be well.