When Should I Apply for PPP Loan Forgiveness?

Posted on September 28, 2020

PPP Loan Forgiveness Application Rules - Keiter Advisors

When Should Businesses Apply for PPP Loan Forgiveness?

Tax Senior Manager Scott Zickefoose offered insights to business owners on when they should consider applying for Paycheck Protection Program (PPP) Loan Forgiveness.

“Businesses are Weighing When to Apply for Paycheck Protection Program Loan Forgiveness; Advisers Offer Tips” Excerpt:

“Months after billions of dollars in federal government-backed loans flowed to small businesses across the nation to help them keep people employed during the COVID-19 pandemic, many business owners are now considering when to seek forgiveness for those loans.

The U.S. Small Business Administration, which oversaw the loan process, has opened up applications for forgiveness, but so far there hasn’t been a big rush among business owners to apply for forgiveness, some local business advisers say.

Instead, many are taking a wait-and-see approach on the chance that Congress will adjust the rules for forgiveness and possibly fund another round in what has amounted to a $669 billion program.

Fewer than 5% of the businesses that got loans processed through Richmond-based Atlantic Union Bank had applied for forgiveness as of two weeks ago, executives said. Atlantic Union Bank provided more than 11,600 loans through the Paycheck Protection Program, making it one of the largest lenders in Virginia for the program.”

Access the full article.

Source: RTD

About Keiter Advisors

Keiter Advisors is a full-service transaction advisory group serving companies in middle-market M&A transactions and financing. KA is recognized as the national leader in assisting owners to:

  • Buy or sell foodservice distribution, meat processing and produce companies
  • Plan and execute transition strategies, including family buy out initiatives and third party sale
  • Examine the profitability of their business and develop viable improvement programs
  • Renegotiate existing financing arrangements and secure new lenders
Matt Austin Carroll Hurst Scott Zickefoose
Managing Director Director Senior Manager
(804) 307-5661 (804) 273-6204 (804) 273-6253
maustin@keiteradvisors.com churst@keiteradvisors.com szickefoose@keitercpa.com
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