I have prepared a detailed Memo about PPP Loan Forgiveness Information. It is crucial to start gathering the necessary information. Most Banks are waiting on final action by Congress (it could be next week) and the SBA to issue final regulations. I believe the SBA will have automatic forgiveness of PPP Loans less than $150,000. This should be approved by Congress soon because the SBA does not have the staff to handle the small loan forgiveness applications.
September 8, 2020
Here is my memo: