As of 2021, the deadline for PPP loan forgiveness is set for March 31st. This means that any borrower who received a PPP loan on or after June 5th, 2020 will have their loan forgiven if they apply by this date.
-What is the deadline for PPP loan forgiveness in 2021?
The Paycheck Protection Program (PPP) loan forgiveness deadline is fast approaching.
The PPP, which is part of the Coronavirus Aid, Relief and Economic Security (CARES) Act, was created to help small businesses keep their workers employed during the pandemic.
The loans are 100% federally guaranteed, and can be forgiven if the borrower uses the loan proceeds for eligible expenses, such as payroll costs, rent, and utilities, and if the borrower maintains its workforce.
The PPP loan forgiveness deadline was originally December 31, 2020. However, in October 2020, the U.S. Small Business Administration (SBA) announced that it would give borrowers an additional three months to apply for forgiveness.
This means that the deadline for PPP loan forgiveness is now March 31, 2021.
If you have not yet applied for forgiveness, it is important to do so as soon as possible. You can apply for forgiveness through the SBA’s Paycheck Protection Program Loan Forgiveness Application portal.
If you have any questions about the PPP or the loan forgiveness process, you can contact the SBA’s Help Desk at 1-800-659-2955 or by email at disastercustomerservice@sba.gov.
-When is the last day to apply for PPP loan forgiveness?
The last day to apply for Paycheck Protection Program (PPP) loan forgiveness is May 31, 2021. This date was set by the Small Business Administration (SBA) in their interim final rule released on June 1, 2020.
The PPP loan forgiveness process is as follows:
Borrowers have up to 10 months after the end of their covered period to apply for loan forgiveness with their lender.
Once a borrower applies for loan forgiveness, their lender has 90 days to issue a decision.
If the lender approves the loan forgiveness, they will send the borrower a forgiveness amount that is equal to the principal and interest on the loan.
The SBA will then have up to 90 days to review the lender’s decision and issue a final decision.
If the SBA approves the loan forgiveness, they will pay the lender the forgiveness amount.
If the SBA denies the loan forgiveness, the borrower will be responsible for repaying the loan in full.
The PPP loan forgiveness process can be complex and borrowers are encouraged to seek assistance from their lender or a small business development center.
Borrowers should keep in mind that they may only apply for loan forgiveness once. Therefore, it is important to ensure that all documentation is complete and accurate before submitting an application.
-What are the requirements for PPP loan forgiveness?
The Paycheck Protection Program (PPP) loan forgiveness process is now open to small business owners and self-employed individuals. The deadline to apply for forgiveness is March 31, 2021.
To be eligible for forgiveness, borrowers must have used the loan proceeds for eligible expenses, such as payroll costs, rent, mortgage interest, or utility payments, during the covered period. Borrowers must also have maintained employee and salary levels.
The SBA will review all applications for forgiveness and make a determination based on the information provided. Borrowers will have an opportunity to appeal the SBA’s decision.
Forgiveness is not automatic. Lenders have 90 days to review and approve the request.
The SBA will reimburse the lender for the forgiven amount, and the borrower will not be responsible for any remaining balance on the loan.
Borrowers should work with their lenders to ensure that they are in compliance with all program requirements and to avoid any potential problems with their loan forgiveness application.
-How to apply for PPP loan forgiveness
The Paycheck Protection Program (PPP) loan forgiveness process is now open to small business owners who have received PPP loans. The deadline to apply for forgiveness is March 31, 2021.
If you received a PPP loan, you may be eligible for loan forgiveness if you use the loan proceeds for eligible expenses and meet other requirements. To apply for forgiveness, you must submit a Loan Forgiveness Application to your lender. You can find more information about the application and the required documentation in the Forgiveness Application Instructions.
If you have any questions about the forgiveness process, you can contact your lender or the SBA Customer Service Center at 1-800-659-2955 (TTY: 1-800-877-8339).
