The Small Business Administration (SBA) has released additional information that deferred loan forgiveness and all payments (including principal, interest) by up to 10 months after your covered period (8-weeks vs. 24-weeks).
BlueVine is working to release an online forgiveness application. As a result, BlueVine will not be able to accept the PDF form at this time via email or any other means.
We’ll begin to accept forgiveness applications in Q1 of next year. Once you can apply online, we’ll contact you. Though the SBA released initial guidelines and forms, it may be beneficial to wait to apply for forgiveness.
You may want to start pulling together forgiveness related documentation until further direction is provided by the SBA. The SBA’s form implies that the following documentation may be needed to seek forgiveness:
- For payroll expenses:
- Filed or draft form 941s to demonstrate payroll amounts paid during the forgiveness period
- Bank account statements from the forgiveness period
- Payment receipts or account statements for healthcare and other permitted benefit expenses
- For business mortgage expenses:
- Account statements showing interest amounts paid during the covered period
- For lease expenses:
- Account statements, or a copy of your lease and receipts/canceled checks showing payments during the covered period
- Business utility expenses:
- Invoices AND proof of payment, such as canceled checks or account statements