The US Small Business Administration (SBA), opened the Paycheck Protection Program (PPP) loan forgiveness process on August 10. Loan forgiveness applications are now available at sba.gov. The PPP loan program closed on August 8.

Some experts are cautioning business owners against applying for loan forgiveness right away. Just as the rules around applying for PPP funds changed after the program launched, some anticipate upcoming changes to the forgiveness process.

After all, FAQs about the loan forgiveness process were issued on August 11—weeks after applications were published and a day after the application process opened. Those FAQs are available for download at sba.gov.

Others are holding out hope that some loans may be forgiven without a lengthy application if they fall under a certain threshold. With the anticipation of further changes to the rules around forgiveness, there seems to be no urgency to begin the process.

Read more in this issue of Colorado Green NOW:
Lifescape earns a spot on the Inc. 5000 list
Welby flower trials contined in 2020--with adjustments
Cyber crimes are a real threat--is your company prepared?
Payroll tax deferral option set to take effect September 1