PPP Forgiveness Update:
Posted: Aug 24 2020
There is still no news regarding a simplified forgiveness process for PPP loans.
The House and Senate are in recess until mid-September and we don't anticipate any meaningful discussion between House and Senate leaders until they return from recess.
The House is back for a few days to discuss the US Postal Service, but is not expected to address any other issues.
Members of the House and Senate would like to see Treasury and SBA create a one-page forgiveness form; however, Treasury Secretary Mnuchin has said publicly they don't have the statutory authority to do so.
All that being said, we do believe Congress will act to ease the forgiveness process. That may take up to 30 or 40 days.