These are the steps you need to take now if you got a Paycheck Protection Plan loan:
It has become clear during the PPP loan process that having a strong tax professional helping with the application makes a difference. This was especially true for self-employed individuals who did not realize they were eligible until they spoke to their tax professional.
Now that the loans are funded, tax professionals should be key partners in documentation for loan forgiveness. While the SBA has not yet released guidelines for loan forgiveness, the tax community has started to interpret possible formulas for it. They know that their clients must use the proceeds in the prescribed manner in order to get the maximum possible forgiveness.
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