As we’re all working toward completing and submitting our PPP loan forgiveness applications, the SBA has offered new guidance on what to do if you believe your loan has been wrongfully denied forgiveness. Decisions can be appealed to the SBA’s Office of Hearings and Appeals. The SBA has noted that this is a formal legal appeals process and that the representation of an attorney may be necessary. If you need to appeal, the SBA is requiring that the following documentation accompany the application:
A copy of your denied loan review decision
A statement about why the decision was erroneous
The relief that’s being sought
Signed copies of payroll tax filings with the IRS and the state
Documentation a Small Business CPA Can Help You With
If not provided with the PPP Loan Forgiveness Application, the appeals application must include the following documents – and your small business CPA should have them available or be able to help you obtain them – or an explanation of why the documentation is either not relevant or not available:
Tax returns and applicable schedules, including Form 1040 and Schedules C or F
Individual employee wage reporting
Unemployment insurance tax filings for the relevant periods of time
Like so many other nuances of the PPP loan, we’re not yet sure how central this appeals process will be to thousands of borrowers. At this time, it’s important to be aware of the appeals option and how to get started if necessary.
Please contact a small business CPA at 702-870-7999 with any questions, or email us at info@falcpa.com.