Patience: that is the key word regarding the PPP loans. While everyone is anxious to file paperwork for the forgiveness of PPP loans, I don't believe it is the time to do so. The SBA has not completed the final version of form 3508. There is tremendous potential that Congress will pass legislation to automatically forgive the PPP loans made under $150,000. Why worry about completing the paperwork when it may not be necessary?
In addition, the SBA is NOT accepting forgiveness applications. At this time you could submit the paperwork to your banker, but the banker cannot forward to the SBA. Again, the SBA is not accepting the forgiveness application (form 3508 ) at this time. The requirements may change before your paperwork is acceptable.
I've learned personally, the exemption from 8 weeks to 24 weeks ago allows my own PPP loan to be absorbed with payroll. I don’t have to worry about rent, utilities etc. So, for now, be patient. More information will be shared when we know more.
I do want to encourage all with PPP loans to write to your Congressperson and Senators from Oklahoma. At issue is whether or not the expenses paid with PPP are deductible. In my opinion these should be deductible. The IRS has stated that the expenses paid with PPP loans ( assuming nontaxable income ) are not deductible. Congress passed the legislation to allow forgiveness of the loans, as a nontaxable event, it should be not taxable income and expenses paid should be deductible of expenses. The AICPA ( American Institute of Certified Public Accountants ) is encouraging these expenses to be deductible. Without the deductibility, then in effect, the loan is taxable. We need PPP expenses to be deductible. Tell your Congressperson and Oklahoma US Senators.
All the best,
Danny Cochran