PPP Loan Forgiveness Update
At this time, Congress continues to evaluate the PPP loan forgiveness process, including the forgiveness of debt for loans under $150,000. Secretary of the Treasury Mnuchin has twice told lawmakers they should consider forgiveness of “small loans.” However, at this time, we do not have any more details. We will continue to closely follow any advancements. In the meantime, the SBA issued procedures that financial institutions (Lenders) will use to submit loan forgiveness applications. According to the SBA, they will be ready to begin accepting forgiveness applications from Lenders in mid-August. The procedures confirmed that borrowers must submit the completed application through their Lender.
We have developed an online PPP loan forgiveness tool where United PPP borrowers will input forgivable expenses. Since PPP loan borrowers are fully responsible for detailing the use of their PPP loan proceeds, this tool will guide you through that process. Click here for a guide on PPP loan forgiveness terminology.