PPP update for BBVA compass customers

For anyone who got a PPP Loan with BBVA compass, first payments on your PPP loan have been moved/extended until May 2021. The hope is that after the election there will be definite guidance and concise information on simplifying forgiveness. Tentative proposals are as follows:

Loans under $150,000 – automatically become grants

Loans between $150,001 and $1,999,999 – the owners sign certification statements indicating they needed the PPP funds and used the funds for the designated purposes

Only loans over $2,000,000 will need to apply for forgiveness