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Why your bank is not accepting your PPP forgiveness application

There's been some confusion among those trying to apply for PPP Forgiveness. The SBA said that borrowers could apply for forgiveness as soon as the funds are spent, but now borrowers are doing that and running into blocks from the bank. Why is this happening? Some banks had told customers to not expect forgiveness applications to be accepted until after August 17th. Our speculation (yes speculation) is that the SBA is waiting to see if there will be a simplification to the application process as it relates to a potential second stimulus package. This interim rule defined the guidance on the ability to apply for forgiveness before the end of the covered period: https://home.treasury.gov/system/files/136/PPP--IFR--Revisions-to-Loan-Forgiveness-Interim-Final-Rule-and-SBA-Loan-Review-Procedures-Interim-Final-Rule.pdf Find Small Business PPP Resources here: http://learn.claracfo.com To book a time to talk about your PPP Loan go here: https://claracfo.as.me/claritysessions Find us at: https://claracfo.com/ Disclaimer: This video is intended for educational purposes and should not be taken as legal or tax advice. You should consult with your financial professionals about your unique financial situation before acting on anything discussed in these videos. Clara CFO Group, LLC is providing educational content to help small business owners become more aware of certain issues and topics, but we cannot give blanket advice to a broad audience. Clara CFO Group, LLC or its members cannot be held liable for any use or misuse of this content.

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