schirallicpa Posted October 1, 2020 Report Posted October 1, 2020 Is there a formal election process or form if you are a early recipient and can choose either 8 or 24 weeks. Does the bank need to be notified which you choose (other than when you report). It seems kinda wide-open. Quote
Lion EA Posted October 1, 2020 Report Posted October 1, 2020 One of my favorite instructors, Tony Nitti of RubinBrown, taught a free course yesterday with three of his colleagues on PPP Forgiveness. There is still a lot we don't know: https://www.rubinbrown.com/Resources/covid-19-resource-center/covid-19-webinars.aspx Loans after a certain date default to 24 weeks, but can be an earlier date, probably. Loans prior to a certain date default to 8 weeks, but can elect 24 weeks -- but, by telling their bank or just using a longer-than-8-week period on their forgiveness application... Whereas the 1-year or-5-year repayment is definitely a negotiation with the lender. Maybe. Quote
Lee B Posted October 10, 2020 Report Posted October 10, 2020 The default is 24 weeks. if you qualify, you can elect the 8 week window. Quote
Lion EA Posted October 10, 2020 Report Posted October 10, 2020 Is the election done on Form 3508 (regular, EZ, or S) or by formally or informally notifying the bank or...? Quote
Lee B Posted October 10, 2020 Report Posted October 10, 2020 The election is on the forgiveness application. Quote
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