Weekly Recap

In the July 17^th edition of the Paycheck Protection Program report, the Small Business Administration released updated loan approval data. The cumulative amount of loans outstanding in GA increased by 2,121—from 158,328 to 160,449 active loans. The cumulative dollar amount of loans in GA increased by $31,280,680—from $14.332 Billion to $14.363 Billion. While the amount of COVID-19 cases are rising in the state of Georgia, there hasn’t been any noticeable changes to the amount of loans taken out weekly as of this time.

In the News

PPP forgiveness: No need to rush, and other tips

By Jeff Drew and Ken Tysiac

Although forgiveness for Paycheck Protection Program (PPP) loans is a foremost topic on the minds of borrowers and the CPAs who advise them, experts are saying borrowers should not rush to apply for forgiveness.

Long-expected FAQs expected to clarify many PPP-related issues are still awaited from the U.S. Small Business Administration (SBA) and Treasury. In addition, the loan forgiveness application has not been updated to reflect the recent five-week extension of the program’s deadline to Aug. 8.

A big reason for these delays is that Congress is debating a new round of COVID-19 relief, which is expected to include a second PPP initiative more targeted than the first one, said Mark Peterson, the executive vice president who heads the AICPA’s advocacy team in Washington, D.C. Those discussions also may include major changes relaxing the forgiveness requirements for the smallest loans, possibly those up to $100,000 or $150,000.