In a March 11th blog, https://www.fluenceportland.com/consulting/ppp-forgiveness-applications-should-you-apply, we laid out some recommendations on when to apply for forgiveness on your first PPP loan. Now that we are two months down the road, we wanted to touch base again on what should be done with any first PPP loans.
If you asked Fluence to help with the PPP loan forgiveness application – Please continue to wait. We are putting together the application information right now and should have it sent out your way in the next few weeks, if we haven’t already sent it out to you.
If you are planning on applying for forgiveness on your own – You can proceed forward with applying for forgiveness with your bank now if you haven’t already.
If you haven’t asked Fluence to help with your forgiveness application yet, but you would like some help to complete it now, please reach out to the manager you normally work with to get added to our list.
As mentioned in our prior blog, if your practice is eligible for an Employee Retention Credit (ERC) and it crosses over the time period of your first PPP loan, you will need to prepare both the ERC calculation and the PPP forgiveness application together to ensure they are both maximized. If Fluence is already helping with your first PPP loan forgiveness application, we will be doing this for you.
Many of you received your first PPP funds in April of 2020, which means the due date to submit a forgiveness application is around July or August of 2021. So the deadline to apply is quickly approaching.
If you received a PPP 2 loan we recommend you wait until your 24 week covered period is up before you apply for loan forgiveness.