PPP Forgiveness: No Need To Rush

FROM: Journal of Accountancy

Although forgiveness for Paycheck Protection Program loans is a foremost topic on the minds of borrowers and the CPAs who advise them, experts are saying borrowers should not rush to apply for forgiveness. There are additional exceptions as well to the FTE and wage rules, and borrowers should be aware of them when they apply for forgiveness. Some documentation isn’t required for submission with the forgiveness application but is required to be retained by the borrower. So it’s important to keep documentation of any facts that could become an issue related to forgiveness.

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