The BeanLab Team continues to monitor updates and potential items of impact when it comes to the CARES Act and our government’s assistance for business owners. Because we value your trust in relying upon us to keep you updated with important information, we want to provide you with the following:
- Congress is currently negotiating a new round of CARES Act relief funding and guidance on existing programs for both individuals and businesses. We anticipate learning more by month-end on additional PPP funding availability.
- The AICPA and other organizations have petitioned lawmakers for a blanket forgiveness of PPP loans of less than $150,000 with a one-page attestation of the funds being used as intended for payroll, rent and utilities. As such, we encourage you to delay submitting for PPP Loan Forgiveness Applications until additional guidance is provided.
- As a reminder, there is an 8-week OR 24-week option for calculating forgiveness on PPP loans. Many banks are not ready for the acceptance of forgiveness applications. For example, Chase has notified their customers that the earliest they will accept applications will be mid-August.
Please don’t hesitate to contact us if you have any questions pertaining to these updates. You can reply to this email at firstname.lastname@example.org or call us at 847-264-4662.