VRS P.C. Clients,
Many of our clients who received funding from the Paycheck Protection Program (PPP) will soon be or have reached the original 8-week period to use PPP funds on eligible expenses. Please know there is plenty of time to apply for forgiveness as the covered period of your PPP loan has increased to 24 weeks and loan forgiveness applications are not due until 10 months after the covered period.
Congress continues to propose changes simplifying the forgiveness process that would impact a majority of our clients and would require less time and resources from everyone. We (like many financial institutions) believe the best course of action is to hold off on the preparation of loan forgiveness or releasing documentation to lenders until a decision is made.
We recognize the importance of this forgiveness as the PPP loan likely helped your business get through these times, and we are committed to assisting our clients through the end of this program. VRS P.C. will closely monitor any SBA communication and will continue to provide updates as we hear more. In the meantime, if you feel your forgiveness needs to be expedited or you have questions concerning the status of your PPP loan, please contact your lender and us so we can help answer your questions.
Thank you for your patience.