As you reach the end of your covered period for your Paycheck Protection Program loan – if going with the 8-week option – here are some tips for getting ready for the forgiveness application process.
You may have seen our recent article about the new EZ forgiveness application. Eligibility for that application is a matter of interpretation.
Whether you can or can’t use that application will depend on your ability to and comfort with certifying to the SBA that you have not been able to operate at the same level of business activity during your covered period as you did prior to Feb. 15, 2020. Your records, both financial and otherwise, would need to show that your business activity was impacted due to government mandates related to COVID.