Latest word from my accountant is all loans or whatever under $150,000 will be forgiven.
Where is your accountant hearing this and is it PPP only? What about the other loan program?
All good accounts go to all meetings and streamed meetings to keep up on current tax laws and especially these programs as they affect us. My accountant said a couple months ago that this would happen.
This is what I received from my bank today.
Forgiveness Application Update
We continue to follow ongoing developments related to the PPP loan forgiveness process closely. As you might be aware, there are several bills currently being considered in Congress that will significantly simplify the forgiveness process and other aspects of the program. Most notable of these changes are a blanket forgiveness provision for all loans less than $150,000 and material simplification in the application process for all other loans up to $2 million.
Based on our belief that these changes will be approved and implemented, we feel that it continues to be in your best interest to delay processing forgiveness applications until those changes occur. If you’ve already submitted your application, we will review those documents and, as necessary, will reach back out to you regarding questions or the need for additional information. If you haven’t submitted your Forgiveness Application, we encourage you to continue to wait until we advise you otherwise.
Thank you for your patience. We’ll be in touch with updates as things develop. We will also continue to be available to assist and support you through this process.
I'm fully covered regardless of how they do it as my business was considered essential and we weren't shut down. We were slow for 1 1/2 month.