July 23, 2020
If we submit our application before the end of our 24-week Covered Period and it yields less than 100% forgiveness, can we reapply after another couple of weeks to seek 100% forgiveness?
Posted by Armanino Financial Advisory Team
No. If you want an estimate of your forgiveness amount before applying with your lender, you should use an estimating model in conjunction with your retained professional advisor. There are many available on the web, including one recently released by the AICPA. While these all have limitations and are not suitable for the actual forgiveness application due to traceability issues, they will give you a good sense of where you stand and can help you decide when to file your official application with the bank.