The Small Business Administration (SBA) released the Application and Instructions for PPP Loan Forgiveness on May 15th. SBA noted that it will soon issue regulations and additional guidance for borrowers on completing the forgiveness form.
We encourage you to download and print the Application and Instructions and review them. They give important indications of the information that you must be collecting and documenting now regarding the amounts and nature of your PPP-eligible expenses.
No, DO NOT FILE your application for PPP Forgiveness now. The SBA says that new regulations, guidance, and instructions are still to come. You should carefully document and gather the information necessary to support your application for PPP Forgiveness. We expect that PPP Forgiveness Applications will start to be submitted June 15th and through July and August.
There is no deadline for Forgiveness Application form submission, but the earlier you file, the better for your business. You may want to talk to your accountant now to ask for their assistance with filing.
Maple Bank will post new PPP Forgiveness information here as it becomes available, and we will be contacting our PPP customers with resources to assist them with PPP Loan Forgiveness.
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