Most lenders are not ready to process forgiveness applications
Organizations have 24 weeks to use their PPP money. That time period can be important for maximizing loan forgiveness.
Loan payments are not required before forgiveness or until 10 months after the 24 week loan had ended.
Applying for forgiveness may be easier than expected. Many will qualify to use a simplified process through SBA Form 3508EZ, so getting started isn’t so urgent.
Although the SBA and U. S. Treasury department have not issued final guidance, forgiveness applications submitted using current rules will be valid, and future changes will not be held against the applicant.
The Bottom Line
If the loan proceeds have been depleted and forgiveness reduction (usually due to payroll reductions) does not apply, go ahead and complete Form 3508EZ. Otherwise, wait for the 24 weeks and final rules.