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Should you wait to apply for PPP loan forgiveness?

Yes, as of today (November 9, 2020), we are advising clients to wait to apply for PPP loan forgiveness with your lender.  As many times as they have changed the rules on this program, we would not be surprised if they change the rules again.

So, yes we are suggesting to wait to apply for PPP loan forgiveness.

However, we are advising clients to NOT wait to think about PPP loan forgiveness.

By “think about” we mean planning your situation so that you achieve 100% PPP loan forgiveness, or as close to 100% PPP loan forgiveness as possible depending on your individual facts and circumstances.

PPP loan forgiveness planning is something that must be done NOW, because all “covered periods” for PPP loans end December 31, 2020.  In most cases, we’re not going to be able to “go back in time” and make the changes necessary to avoid owing back part or all of your PPP loan.  You need to look at your situation NOW so that you know what to expect and what you can do to improve your bottom line results.

To help you gain visibility on your PPP Loan Forgiveness Situation, we are now offering this free tool that  will help you check whether or not you are in danger of needing to pay back part or all of your PPP loan.

Lenders Don’t Care About You Getting 100% PPP Loan Forgiveness

We appreciate all the banks and lenders that have helped small business owners to obtain these PPP loans.

That being said, we want to make it abundantly clear to you that banks and lenders do not really care if you get 100% PPP loan forgiveness or not.  They get their money from the SBA / U.S. Treasury.  Whether or not your PPP loan is forgiven is not a “revenue driver” for the banks, they will get paid either way.

Simply put, it is not the lender’s job to help you achieve 100% PPP loan forgiveness, and their systems are not set up to help you do that.  The lender systems are set up to process PPP loan forgiveness applications, based on information that you provide.

If you need help to get to 100% PPP loan forgiveness, do not expect your bank or lender to help you.

Repeat: bank systems are not set up to help you attain 100% PPP loan forgiveness.

(If you find a bank / lender that is providing consulting about how to attain 100% PPP loan forgiveness, please let us know, so that we can recognize that bank or lender in this blog post.)

PPP Loan Forgiveness “Calculators” Are (Usually) Not Enough

So, if you’re concerned that you might owe back part of all of your PPP loan, what should you do?

The first step is to gain visibility into your PPP loan situation.

In other words, you need to know:

If you don’t do anything at all, are you going to owe back or not?

Some PPP loan recipients don’t need to do anything and will already be at 100% forgiveness without taking any actions.

If that’s your situation, great!

But either way, you want to take a look now and see if you’re possibly going to owe back PPP loan funds or not–right?

This way, you can either “rest easy” if you see that you’re not going to owe, or you can take action now if you see that you are going to owe and want to not owe.

There are various online PPP loan forgiveness calculators that will give you some idea whether or not you are in danger of owing back part or all of your PPP loan.  Credit to the creators of these calculators, some of them are very useful and clever.

What makes our PPP loan forgiveness tool special is that we don’t just show you “where you are now.”

We show you what you can do to get 100% PPP loan forgiveness, or as close to it as possible depending on your individual facts and circumstances.

We REFUSE to sit back and let small business owners be saddled with even more debt and financial struggle as we head into 2021.

If PPP loan forgiveness is a concern for you, please feel free to click here now and use our free system to check on whether or not you are going to owe back part or all of your PPP loan.

Remember to take action NOW because all covered periods for PPP loans end 12/31/2020.  After that date, your ability to change the amount you do or don’t owe back on your PPP loan will be severely reduced.

If you find that you are going to owe back part or all of your PPP loan, or you just decide that you want professional help with your PPP loan forgiveness process, our system will offer you simple, effective, and affordable options.

The first step is to “check on” your PPP loan forgiveness situation now using this free tool.

If you find after using the free tool that you want more help in maximizing your PPP loan forgiveness, we are here to serve you, and we have your back 100% the same way it has always been since 1965!