The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll during the Coronavirus Pandemic. The program was officially launched on April 3, 2020 and it closed on August 8, 2020.
One of the perks of the program is that a portion or the entire loan could be forgiven based on allowable expenses incurred or paid during a Covered Period. For any loan disbursed before June 5, 2020, the borrower may elect to use an eight-week Covered Period or a 24-week Covered Period. All other loans have a 24-week Covered Period (the Covered Period cannot extend beyond December 31, 2020). Borrowers have up to ten months after the end of their Covered Period to submit their forgiveness application.
A significant number of borrowers are reaching the end of their Covered Period and lenders are either taking forgiveness applications now, or they are working on setting up a system to accept applications soon.
At Strothman and Company, we understand how difficult this pandemic continues to be for our business community and how stressful it can be to navigate through the ever-changing guidance related to the PPP. If you want assistance with the PPP Loan Forgiveness Application, please click on the link below and fill out the request form and one of our specialists will be in touch with you as soon as possible. We have set a standard service of 1-2 business days to complete the forgiveness application once all information is received.