August 4, 2020
We already repaid $2 million of our PPP loan. Now it appears that our forgiveness will calculate to about $300,000 more than we still have outstanding. I believe I heard it said that we can receive that extra amount back along with our forgiveness amount. Is that correct? Can we choose just to ask for forgiveness for the outstanding amount of our loan?
Posted by Armanino Financial Advisory Team
Wherever you may have heard that, it is not correct. You cannot get forgiveness for more than your outstanding loan amount, which is net of your payback. That would be the equivalent of giving you the money twice, the first of which you refused by paying it back. That decision cannot be unwound at this point.