If you’ve taken out a PPP loan, you might want to consider applying early for loan forgiveness – it could benefit you and help build a stronger relationship with your lender.
If you’ve already used (or are planning to use) your PPP loan funds before the end of your 24-week covered period, you might want to consider applying early for loan forgiveness. Applying early gives you the opportunity to gather all your required PPP loan documentation, make your calculations, and work with your lenders before the rush of forgiveness applications. Knowing how much of your PPP loan will be forgiven gives you more time to plan and prepare as you work to stabilize your business.
First, you’ll want to check with your lender to see if applying early is an option. Some lenders are already accepting applications, while others are taking a different approach. Lenders who are accepting early applications will be processing a large number of applications, and they’re as new to this process as you are. Getting in early will allow them to work more closely with you on any questions you might have. While your lender will process your application, it’s ultimately your responsibility as the borrower to make sure everything is accurate and complete. As a borrower, make sure you know exactly what your responsibilities include.
Know what the official guidance says
According to interim final rules: