You must request and be granted forgiveness for any PPP loan you obtained otherwise you will owe the money back.
It is not an easy process. Instruction issued at the beginning of the PPP loan process have been changed and the forms required to be submitted have changed multiple times. Each of the bank lenders are responsible for their own loans and therefore have different forms to complete. And, for the banks that have issued forgiveness forms, the answers required are still ambiguous with no clear answers.
Kallas has been attending seminars given by multiple experts and been talking to the banks on how to approach the application process for forgiveness. It is apparent that some issues are still unclear and require educated judgements to be made.
Banks are still struggling with some of the issue themselves.
This is why Kallas is now taking requests for PPP forgiveness but not starting the process until the banks are ready and certain issues have been cleared up.
The good news is that the government is now offering a short form for forgiveness for PPP loans of $50,000 or less. The bad news is that any loans greater than $50,000 are going to require proof of base period payroll EFT and post-crisis payroll EFT along with other data.
If you would like Kallas to complete your PPP forgiveness forms, call our office and talk to Nick or Tony.