It is likely you will not know if your loan is forgiven and by how much until 2021, which will have implications on your tax planning and financial reporting. Here is what we know about the timeline to apply for forgiveness.
Protection
When the SBA met its $349,000,000,000 (that’s billion, 9 zeros!) lending limit, 1.6 million small business owners received the SBA’s loan commitment. With more than 30 million small businesses in America, the $349B cap leaves a very wide gap between those businesses that will receive financial help to meet payroll over the next two months and those without a financial lifeline.