Elgin Area Chamber Of Commerce: The Paycheck Protection Program (PPP2) Payback Deferral Deadline Is Quickly Approaching

Press release from the Elgin Area Chamber of Commerce:

February 14, 2022

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The Paycheck Protection Program (PPP2) Payback Deferral deadline is quickly approaching, with rolling deadlines starting April 25, 2022. At this time, all PPP2 forgiveness periods have ended. However, loan payments do not kick in for ten months after the forgiveness period has ended. Example:  One consideration to keep in mind while submitting the forgiveness application is the interaction with the Employee Retention Credit (ERC). If you have an ERC during Q1-Q3 2021, you will want to talk to our team on the best way to maximize both the ERC and PPP2 before submitting a PPP2 forgiveness application. For those wanting to submit PPP2 forgiveness applications, the time is now! Please contact your PKF Mueller representative to discuss your specific situation. As always, planning can help you maximize your financial situation and position you for greater success. For more information, contact: Scott Anderson, CPA, CTA Manager, Consulting Services COVID-19 Response Team Lead +1 630 524 5259 sanderson@pkfmueller.com PKF Mueller | www.pkfmueller.com

This press release was produced by the Elgin Area Chamber of Commerce. The views expressed here are the author’s own.