Latest IRS Guidance on PPP Loan Forgiveness- 11-18-20

I called our accountant on Thursday for an update and literally the IRS issued guidance this week clarifying the timing issue:

The upshot of this guidance is that the PPP loan/grant will apparently have to be recognized in 2020.

Starting this thread to restart the conversation on PPP Loan Forgiveness thanks PMI Community.

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Too much confusion remains…Made an appointment with Accountant! Will keep posted for free.

My bank wanting proof that we had power before the loan and during the time PPPmoney was used. As well, they want proof of water usage pre and post loan.
Can’t find the rental agreement originally signed in 1990! Employee’s salaries request I can understand but the nitpicky-ness of the other requested things makes me ask why did we bother to begin with! Perhaps this is a peculiarity with my bank (TRUIST)?

We just had to provide invoices from our electric bills to prove that we had services. Not sure if your bank will accept that.

Cathy

Yes, that’s what they’re looking for, and other receipts as well…
Glad I’m not the only one !

Originally going to use the 8 week PPP Loan forgiveness route but received recommendations to use the 24 week instead as our payroll alone for this period was more than the loan amount. So no need to business expenses to add. I did put these aside, just in case the bank wants this information uploaded later on in the application process.