ValueXpress helped many of its clients obtain first- and second-draw Paycheck Protection Program (PPP) loans. These loans were a lifesaver in many instances. Now that business is returning to normal, getting these loans officially forgiven has taken a back seat for many borrowers. But if borrowers … [Read more...] about 3.17.22: DON’T FORGET — PPP LOAN FORGIVENESS IS NOT AUTOMATIC; YOU MUST APPLY
10.15.20: BORROWERS WANT HIGHER LIMIT FOR SIMPLIFIED PPP LOAN FORGIVENESS APPLICATIONS
The SBA has simplified the Payroll Protection Loan Program (PPP) forgiveness applications for PPP loans under $50,000. The new 3508S form is only one page. However, with the average PPP loan $150,000, bankers and borrowers want the simplified application limit increased to $150,000 or … [Read more...] about 10.15.20: BORROWERS WANT HIGHER LIMIT FOR SIMPLIFIED PPP LOAN FORGIVENESS APPLICATIONS
5.1.20: RECORDKEEPING FOR PAYCHECK PROTECTION PROGRAM (PPP) FORGIVENESS
ValueXpress has processed roughly 20 Paycheck Protection Program (PPP) loans for its clients. The loans are forgiven if the proceeds are used for eligible expenses for the 8-week period after closing of the loan. The recipient of a PPP loan will have the following portion of the loan forgiven: … [Read more...] about 5.1.20: RECORDKEEPING FOR PAYCHECK PROTECTION PROGRAM (PPP) FORGIVENESS