Financial Advisory Blog

Armanino’s Financial Advisory blog is your source for thought leadership around cloud ERP and accounting solutions and integrations. Supported by the Cloud Accounting Institute and numerous experts in cloud, finance, reporting, integration, compliance, and technology, Armanino’s Financial Advisory blog features must-read content on what’s happening in the finance industry, case studies, white papers, and much more.

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.

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