Filed under: CARES Act, Combs & Company, Covid-19, Disaster Relief | Tags: CARES Act, Chelsea Whalley, Combs & Company, Federal Loan Forgiveness CARES Act, J Donovan Financial, PPP Forgiveness
Here’s a follow up on yesterday’s post, did you get the PPP loan and now you are concerned about the process and what documents you need to prepare in order to have the loan forgiven? Check out this great video from colleague, Chelsea Whalley of J Donovan Financial.
The CARES Act requires employers to apply for loan forgiveness with the same lender they applied for the PPP loan at the end of the eight-week period following the disbursement of their loan.
When applying for loan forgiveness, employers will need to provide the following information:
- The total requested amount to be forgiven
- Documentation verifying the number and pay rate of FTEs on payroll:
- Payroll tax filings with the IRS
- State income, payroll and unemployment insurance filings
- Documentation verifying covered mortgage interest, rent or lease obligations, and utilities
- Certification from an authorized representative for the employer that all supplied documentation is true to the fullest extent possible
- Certification from an authorized representative for the employer that the amount requested to be forgiven complies with PPP guidelines
After submitting an application, lenders must make a decision on whether an employer’s PPP loan will be forgiven, or how much of the loan will be forgiven, within 60 days. In some cases, a lender may ask for additional information. Employers should monitor their application and pay attention to any requests for additional information. For questions on your company’s loan forgiveness eligibility or application, contact your lender.
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