Beware Of Email Solicitations About Your PPP Loan

November 30, 2020

We have recently become aware of clients receiving solicitation emails about their PPP loans. Some business owners presumed these were official notices coming from their lender or the SBA. The email cited an attached SBA Procedural Notice that “you must generate the SBA 3508 calculations for submission to (your lender) for review, else your PPP loan repayments are due to begin in 2021.”

Rest assured that, while there was nothing in the emails that was patently false, there is no reason to be concerned. As you probably know, PPP loan information was made public by the Treasury Department, including such details as company names and addresses, PPP lender specifics, the granting date of loans, and a range of the loan amounts. This information is being used to solicit businesses.

While we understand that there are companies other than Grimbleby Coleman that are prepared to provide assistance with PPP loan forgiveness, several clients have sent these emails to us thinking that the SBA was going to take action.

SBA states that, if you haven’t applied for loan forgiveness within 10 months of the end of your 24-week “covered period”, then you will have to start making payments on these loans. There is plenty of time to get applications submitted.

Grimbleby Coleman has stayed on top of the rules, regulations, and changes related to PPP loans and you can count on us to keep you informed of new developments. We are available to help with the PPP forgiveness process, whether it’s preparing the forms, reviewing completed forms and schedules prior to submission to the bank, or simply helping navigate through the rules.

If you have additional questions about your PPP loan or this article, contact Marty Fox mfox@gccpas.net.