June 14, 2021 As a reminder, if you received a PPP loan in 2020, you should consider applying for loan forgiveness now. For PPP loans received in 2021, the earliest you can apply for loan forgiveness is 8 weeks from your loan funding date. We strongly encourage you to apply for PPP loan forgiveness at the end of your covered period to avoid having to make payments on the portion of your loan that may be forgiven. The first PPP loan payments are due 10 months after the end of your covered period. For example, if you received a PPP loan on April 17, 2020, your 24-week covered period ended on October 1, 2020 and your first loan payment will be due on August 1, 2021. Your bank will need time to process your application so the time to apply is now. Before you apply for loan forgiveness: 1. Determine if you’re eligible to apply Loan forgiveness requires that you apply after your covered period and that your loan funds are used for eligible costs. 2. Determine which forgiveness application you will complete The SBA provides 3 different versions of the PPP loan forgiveness application form. Work with your CPA or Bank to determine which is right for your situation. 3. Gather your documents There are specific documents you’ll need to retain and/or submit for your application. If you plan to start gathering documentation on your own, here’s what you may need: Payroll Documents Full-time Equivalent (FTE) Documents Non-payroll Documents How Can KatzAbosch Help? Each borrower has their own individual set of circumstances, and the answers are not always clear. If you have questions about your situation, please reach out to your KatzAbosch representative or contact us by clicking here. To learn more about our PPP services, click here. About KatzAbosch: Founded in 1969, KatzAbosch is one of the largest CPA and business consulting services in the Mid-Atlantic region. As an accounting firm, our mission is to provide the highest quality accounting, tax, financial and management consulting services to our regional clients. We understand the needs and challenges of our clients and we have made it our obligation to create, grow and protect asset value. KatzAbosch is consistently named a Best Accounting Firm to Work For in Accounting Today and has been named a Top 200 Accounting Firms in the Nation by Inside Public Accounting. Our firm is also ranked among the Top 15 Largest Accounting Firms in the Baltimore Area by the Baltimore Business Journal and a Top Workplace four times by The Baltimore Sun.