It is my understanding that the lending institution is the one that will actually grant forgiveness, not the IRS nor any other government entity. Is this others' belief as well?Stormbringer wrote: ↑Thu Apr 23, 2020 6:27 pmI'm worried that receiving forgiveness is going to be much more difficult than anyone is expecting. The politics around it is going to be awful.
Just today the US Treasury issued guidance that disqualifies all publicly traded companies on the basis that they have access to capital through the markets. Senator Ron Johnson (WI) wrote a fairly ominous op-ed in the Wall Street Journal as well, warning that companies that didn't suffer a major loss of revenue need to be prepared to return a substantial portion of the PPP money they received. The backlash may just be getting started.
One of my main open questions is what is the form of this forgiveness request? I'm assuming this would be a letter addressed to the financial institution that made the loan asking for forgiveness of the loan and providing documentation? Also, I'm assuming that the letter could be sent at any time after the funds are spent.
Anyone have different thoughts on this?