To Our Valued Friends & Clients,
Many Harmony Group clients have recently received correspondence from their PPP Lenders regarding the PPP Forgiveness application process. The rules, as you likely know, have changed time and time again over the last several months - both for how you could spend your PPP funds as well as how to apply for forgiveness. Just over a week ago, for example, the SBA released an entirely new, simplified version of the forgiveness application for the smallest borrowers (<$50,000).
Your Harmony Group team is constantly monitoring these developments and we currently anticipate that there may be further changes to the forgiveness process and parameters as a result of the election, pressure from Congress, or as part of the ever-elusive ‘Next Stimulus Bill.’ Our current plan is to wait until the end of November to monitor these developments and then help you file PPP forgiveness applications based on the latest guidance at that point, or, conversely, guide you to wait if it seems more prudent. This plan is largely in line with the *actual* current processing planning for most banks, per our conversations with banking partners, and gives us the opportunity to wait to see if there are any advantageous changes over the coming month.
We will be in touch further as we monitor the PPP forgiveness (as well as stimulus negotiations) and look forward to wrapping up 2020 and getting into a better year!
- Matt Hetrick
President