With Paycheck Protection Program (PPP) loans nearing the end of their eight-week Covered Period for many borrowers, banks across the country are preparing for a flood of applications for loan forgiveness. Already we’re hearing about banks being overwhelmed with calls and emails from borrowers about what they need to do to prepare and how to apply. This is not surprising, as there has been much press and the rules can be confusing, to say the least.
Banks are in the business of granting loans. They have been less focused on the regulatory compliance issues that surround the program, which are usually handled by accountants or attorneys. That’s why we’re working with many banks to create a full-circle partnership that covers all aspects of the PPP and helps loan recipients through the forgiveness process. They’ll do what they do best, and our experts will do what they do best, and together we can help ensure that borrowers aren’t left out in the cold when it comes to getting their loans forgiven.
If you’re curious about the qualifications for forgiveness, you might want to check out our video series on the subject. It answers a lot of the top questions people are asking and frames it through a multi-part series. It’s a good starting point to unwind the confusion.
We also have a lot of other useful resources on the PPP loan process. If you are looking to gain more information, visit our COVID-19 Resource Center — or just reach out to us at any time.