ACTION REQUIRED: Formal PPP Loan Forgiveness

Have you formally applied to have your PPP loan forgiven? Implications in not doing so are that you will have to repay your loan. For those that are still uncertain or with no clear action plan regarding your PPP loans, reach out today for guidance. Key questions many ask include:

• Ensuring and validating your PPP funds were used on payroll and qualifying non-payroll related expenses
• Have you formally applied for forgiveness on Form 3508, 3508S or 3508-EZ?
• Does it matter the amount of PPP loan I received?

From the date you receive your loan, you have 24 weeks to utilize the funds on qualifying expenses. After that 24-week period, you then have 10 months to submit your forgiveness application to be 100 percent forgiven. If this form is not submitted to the SBA, you will be required to start repaying your loan on a monthly basis. Most of these repayments are due starting in August 2021.”

Click here to contact Brady Ware or reach out directly to your Brady Ware engagement team for help.