Many recipients of PPP funds are anxious to get the forgiveness process started.  But there are many considerations you should take into account before you submit your forgiveness application some of which point to delaying.

• You have 24 weeks to spend the PPP money.
• The IRS considers it forgiven in 2020 even if it is forgiven in 2021.
• The forms have changed and more guidance is expected.
• The SBA has still not revised its Questions and Answers publication to account for the new rules issued in December.
• Some lenders are not ready to receive and review applications for forgiveness.
• You may need more time to strengthen your documentation.
• If you are denied forgiveness on the first PPP loan because you did not use the funds properly you may be denied on the second PPP draw.
• To obtain the maximum ERTC loan, you want to spend the full 40 percent of the second round of PPP money on non-payroll expenses. You may need the full 24 weeks to do this.
• If Kallas is preparing your forgiveness, we are adjusting the numbers to maximize your ERTC credit and this takes time and effort.
• If you know a restaurateur who is having problems applying for PPP monies, PPP forgiveness, or ERTC credits, have them call Kallas.