With the new developments regarding PPP, make sure you are aware of the details of the updates. We have highlighted some of the resources we have created and we’ll show how we can assist you with your PPP Loan Forgiveness.
- The IRS came out with some new guidance in November that focuses on the timing of the deductions for PPP loans and will impact when you might want to file your forgiveness application. You can read more about that here.
- For loans over $2M, there is some critical information with the new Form 3509 and Form 3510 that came out in November. You can read more about that here. Please reach out to discuss your specific situation if you have a loan of more than $2M or know someone that does.
- For any business that has a PPP loan and has any type of ownership change occurring, there are some new guidelines from the SBA that will require disclosures, and in some situations, escrowing the amount of the PPP loan in order to permit the ownership change. Read further about this here.
We want to help! Please see the services we are offering to assist your navigation through the PPP loan forgiveness application process and other PPP issues. You can read more details about these services here.
As always, please contact your BB advisor or any of our Leadership Team if you have questions.