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ppp loan forgiveness application deadline

Many banks have begun accepting applications for loan forgiveness now that the deadline to apply for a PPP loan (August 8, 2020) has passed. The loan application period closed on August 8, 2020. Long-expected FAQs expected to clarify many PPP-related issues are still awaited from the U.S. Small Business Administration (SBA) and Treasury. The webcasts, which provide CPE credit, are free to AICPA members. It will also make it easier for many current PPP borrowers – especially with loans of $150,000 or less – to request Forgiveness. Please note that October 31, 2020 is not the deadline to apply.. The new FAQ clarifies when loan forgiveness applications are due. Clarification on PPP Forgiveness Application Deadline. House Speaker Nancy Pelosi, D-California, is continuing to negotiate with Mnuchin about reviving the program as part of a larger stimulus package, but Democrats and Republicans remain at odds over the size of the package and whether it should be piecemeal or be an … PPP loans are available for the lesser of $10 million or 2.5 times your average monthly payroll. And there are some banks that won’t be announcing their forgiveness process until late August or early September. Select to receive all alerts or just ones for the topic(s) that interest you most. Further, this is the third major change to the forgiveness applications for PPP loans, and given the history of changes, borrowers should be aware this might not be the last update this year to the program. Applications submitted after that 10-month period will require the borrower to begin paying the principal and interest. If you want to figure out your own forgiveness application deadline, a days between dates calculator is a good place to start.. The date represents the temporary expiration date for approved use of the forms, the SBA said, adding that once a new expiration date is approved, it will be posted on the forms. Go to the AICPA Town Hall Series webpage for more information and to register. In its answer, found in Q&A No. In addition, the loan forgiveness application has not been updated to reflect the recent five-week extension of the program’s deadline to Aug. 8. Question: The PPP loan forgiveness application forms (3508, 3508EZ, and 3508S) display an expiration date of 10/31/2020 in the upper-right corner. By Office of Capital Access. You will need to fill out a PPP Loan Forgiveness Application form and submit that to your lender. For more news and reporting on the coronavirus and how CPAs can handle challenges related to the outbreak, visit the JofA’s coronavirus resources page or subscribe to our email alerts for breaking PPP news. Fears of a late-October PPP surprise came to the SBA’s attention because the program’s loan forgiveness application forms (3508, 3508EZ, and 3508S) display an expiration date of “10/31/2020” in the upper-right corner. Some concerns had been raised regarding the expiration date found on the various Forms 3508 to be used to apply for forgiveness under the PPP loan program. Here are some reasons why you might consider waiting to complete your PPP loan forgiveness application. Applications for loan forgiveness will be processed by your lender. PPP loans are eligible for full or partial forgiveness if the loan proceeds are used in accordance with forgiveness rules and guidelines, which have already been modified several times. forgiveness frequently asked questions document, Keeping you informed and prepared amid the COVID-19 crisis. The rules surrounding PPP loan forgiveness have continued to evolve since the program was first rolled out. The date on all three loan forgiveness forms has now been changed to November 30, 2020. The PPP loan program restarted, following the appropriation of new funding on Friday, April 24, 2020. Question: The PPP loan forgiveness application forms (3508, 3508EZ, and 3508S) display an expiration date of 10/31/2020 in the upper-right corner. If you had a PPP loan prior to the Paycheck Protection Program Flexibility Act being signed, you can choose to use the original 8-week period instead of the 24-week period. Others have sold their entire PPP loan portfolio to special purpose loan servicers, and those servicers will now be making forgiveness determinations. The expiration date in the upper-right corner of the posted PPP loan forgiveness application forms is displayed for purposes of SBA’s compliance with the Paperwork Reduction Act, and reflects the temporary expiration date for approved use of the forms. Is October 31, 2020, the deadline … If you have questions about your PPP Loan Forgiveness Application, call (888) 655-2210 (Toll-Free). The U.S. Small Business Administration (SBA) released guidance Tuesday confirming that Paycheck Protection Program (PPP) loan forgiveness applications are not due on Oct. 31. President Trump signed a bill extending the deadline … All rights reserved. Download the updated PPP Forgiveness Timeline infographic.To receive the latest information on the PPP, including any new funding or changes to the program, subscribe to our newsletter. For example: if you received a PPP loan in May 2020 and elect a 24-week forgiveness period, you should apply for forgiveness no later than August 2021 to avoid debt payments. Read our privacy policy to learn more. Question: The PPP loan forgiveness application forms (3508, 3508EZ, and 3508S) display an expiration date of 10/31/2020 in the upper-right corner. We’re gathering the latest news stories along with relevant columns, tips, podcasts, and videos on this page, along with curated items from our archives to help with uncertainty and disruption. The expiration date in the upper-right corner of the posted PPP loan forgiveness application forms is displayed for purposes of SBA’s compliance with the Paperwork Reduction Act, and reflects the temporary expiration date for approved … The PPP loan application for those people went live April 10, 2020, according to the SBA. If you were funded on or after June 5, 2020, and have to wait the entire covered period, you won’t be able to apply for forgiveness until November 20 th at the earliest. Deadline to Apply for Forgiveness of PPP Loan is Loan Maturity Date, Not October 31, 2020. Originally, the Paycheck Protection Program covered period was eight weeks. Purpose. AICPA experts discuss the latest on the PPP and other small business aid programs during a biweekly virtual town hall. Trending. This is the first time it appears the SBA has directly provided a specific deadline for applying for forgiveness, allowing borrowers to apply up until the maturity date of their PPP loan. Remember that there is no deadline requiring you to submit an application for forgiveness by the end of 2020. The deadline … Question: The PPP loan forgiveness application forms (3508, 3508EZ, and 3508S) display an expiration date of 10/31/2020 in the upper-right corner. This prompted the SBA to release a new entry in its loan forgiveness frequently asked questions document answering the query, “Is October 31, 2020, the deadline for borrowers to apply for forgiveness?”. However, the form indicates that it expires 10/31/2020. The legislation authorized Treasury to use the SBA’s 7(a) small business lending program to fund loans of up to $10 million per borrower that qualifying businesses could spend to cover payroll, mortgage interest, rent, and utilities. Initially, businesses needed to spend 75% of their loan … The program stopped accepting applications on Aug. 8 with almost $134 billion of congressionally approved funds remaining unspent. Beware of scammers offering a way to get a PPP loan; the Federal Trade Commission filed a … October 14, 2020 by Ed Zollars, CPA. That meant borrowers had eight weeks to make eligible payments with their loans. But, the PPP Flexibility Act (which was signed into law on … Extended Coverage; Deadline for Forgiveness Application: The covered period of PPP loans was extended, so there is no need for a borrower to rush the loan forgiveness application process. The SBA placed the expiration date in the upper-right corner of the PPP loan forgiveness application forms to comply with the Paperwork Reduction Act. By using the site, you consent to the placement of these cookies. If you qualify for full forgiveness after eight weeks, you may be better off applying then. If you have a loan of $50,000 or less, and you and your affiliates have combined loans of less than $2 million, consider using Form 3508S. For example, a borrower whose covered period ends on October 30, 2020 has until August 30, 2021 to apply for forgiveness before loan repayment begins. 3508S. The Borrower’s eligibility for loan forgiveness will be evaluated in accordance with the PPP regulations and guidance issued by SBA through the date of this application. Here are 8 important tips and warnings on PPP loan forgiveness gleaned from the application and new SBA guidance. Tweet 3. Some banks have been accepting forgiveness applications since July 2. The new FAQ clarifies when loan forgiveness applications are due. When Is … Extends the deadline to use a PPP loan to December 31, 2020, from June 30, 2020. Update to PPP Loan Forgiveness Rules, New Application Deadline Update to the Payroll Protection Program. The PPP loan application deadline ended on Aug. 8 with over $130 billion left unspent from the funds allocated to the program. At that point, the lender has 60 days to send a decision and a request for payment to the Small Business Administration. Review your PPP Loan Forgiveness Application options. Can you explain this difference? The SBA updated its forgiveness FAQ[1] to address this concern, adding Question 4 on page 2 of the FAQ: 4. ATBS is also encouraging owner-operators to take advantage of the extended PPP loan application deadline of Aug. 8, which was signed into law by the President on July 5. Note: The SBA has issued updated guidance since this article was published. But, you might be worried that waiting to apply for PPP forgiveness means you may have to start repaying the loan. The issue came into sharper focus when the SBA released the streamlined PPP Loan Forgiveness Application Form 3508S in October with that very same expiration date (see related post). Instructions for Borrowers for PPP Loan Forgiveness Application Checklist of Documentation Required for PPP Loan Forgiveness For PPP Loans between $50,000 and $150,000 PPP loan forgiveness application A new, simplified version of the application form has been released and can be used for PPP borrowers who received a loan of $50,000 or less. 1. The loan portion that isn't forgiven carries a 1% interest rate and five-year term. I’ve read some advice on waiting to apply to better justify our expenses and keep more of our payments. Congress created the PPP as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. Borrowers must submit a forgiveness application within 10 months of exhausting the loan funds and by Dec. 31. The PPP Flexibility Act of 2020 extends the time companies have to spend loan funds and still qualify for forgiveness. You will need to fill out a PPP Loan Forgiveness Application form and submit that to your lender. Ruth McCambridge October 16, 2020. © Association of International Certified Professional Accountants. The SBA placed the expiration date in the upper-right corner of the PPP loan forgiveness application forms to comply with the Paperwork Reduction Act. PPP Loan Forgiveness Application Strategies. When is Your PPP Loan Forgiveness Application Actually Due? The AICPA’s Paycheck Protection Program Resources page houses resources and tools produced by the AICPA to help address the economic impact of the coronavirus. However, due to the recency of this announcement, our forgiveness portal has not yet been updated to include this simplified application … For example, a borrower whose covered period ends on October 30, 2020 has until August 30, 2021 to apply for forgiveness before loan repayment begins. With the extension of the PPP Loan Application deadline to August 8, 2020 and the recent revisions made to the SBA’s interim rules on loan forgiveness, this alert intends to provide a clarification on the calculations involved in applying for PPP Loan and later on, for the forgiveness of it. A site devoted to articles on current developments in federal taxes geared toward CPAs in tax practice. what is the deadline for ppp loan forgiveness application 2020: 6 results. However, if a borrower does not apply for loan forgiveness within 10 months after the last day of the borrower’s loan forgiveness covered period, loan payments are no longer deferred and the borrower must begin making payments on the loan. This can make qualifying to keep 100% of your paycheck protection money almost impossible – unless you get a little help. — Jeff Drew (Jeff.Drew@aicpa-cima.com) is a JofA senior editor. For businesses with lower staffing levels than pre-Covid, you are best waiting until January 2021 to apply for PPP loan forgiveness. Some are essential to make our site work; others help us improve the user experience. Borrowers may submit a loan forgiveness application any time before the maturity date of the loan, which is either two or five years from loan origination. The business completes the PPP loan forgiveness application and gives it to the lender along with any required documentation. SBA may direct a lender to disapprove the Borrower’s loan forgiveness application if SBA determines that the Borrower was ineligible for the PPP loan. If you haven’t yet applied for the PPP loan, the application deadline (not for forgiveness, but to receive money) is still June 30. The purpose of this article is to provide updated guidance issued by the U.S. Small Business Administration (the “SBA”) via the instructions for the PPP Loan Forgiveness Application (SBA Form 3508) issued May 15, 2020 and revised June 16, 2020 (the “3508 Application”) and its interim final rule issued Friday, June 26, 2020 (the “6/26 IFR”) to address these questions. Lenders who worked excessive hours to help small businesses access Paycheck Protection Program (PPP) loans are now scrambling … SBA Releases PPP Loan Forgiveness Application and Instructions for Borrowers – May 18, 2020 by Adam Hill. Most companies are in that window now, but for those who received loans in late summer, the forgiveness deadline could extend into late 2021. Applications for loan forgiveness will be processed by your lender. If you submit your forgiveness application within that 10-month deadline, you will not be required to make loan payments until your application is processed (if you receive 100% forgiveness, you’ll never need to make loan payments.) ANSWER: The Small Business … The rules and guidelines for calculating PPP loan forgiveness are changing quickly and often unpredictably. For example, the SBA wrote, a borrower with a covered period that ends Oct. 30, 2020, has until Aug. 30, 2021, to apply for forgiveness before loan repayment begins. For example, a borrower whose covered period ends on October 30, 2020 has until August 30, 2021 to apply for forgiveness before loan repayment begins. For example, a borrower whose covered period ends on October 30, 2020 has until August 30, 2021 to apply for forgiveness before loan repayment begins. We’ve recently received questions about the deadline to apply for PPP loan forgiveness and want to provide further clarification on this. The application … Many businesses applying for loan forgiveness were shocked when they saw an October 31st deadline listed on the upper right corner of their application forms. Paycheck Protection Program Deadline Is August 8: Applying, Loan Forgiveness, And The New PPP Bruce Brumberg, JD Contributor Opinions expressed by Forbes Contributors are their own. Depending on your circumstances, you’ll either use Form 3508S, Form 3508EZ, or Form 3508. The deadline to apply for a PPP loan was initially June 30, 2020, and was later extended to August 8. However, the loan repayment deferral period says that you have until one of the following (whichever is earlier) to start paying back the loan: June 5, 2020 * ALERT – The new deadline to apply for a Paycheck Protection Program Loan is August 8. On October 8, 2020, the SBA and U.S. Treasury announced simplified forgiveness for PPP loans of $50,000 or less. Extends the deadline to use a PPP loan to December 31, 2020, from June 30, 2020. FAQs #4 has been updated. Loan forgiveness deadline. But others noted nothing in the statute or other SBA guidance suggested that such a short deadline applied to the request for forgiveness. Confusion over PPP Forgiveness Deadline Resolved. If you had a PPP loan prior to the Paycheck Protection Program Flexibility Act being signed, you can choose to use the original 8-week period instead of the 24-week period. PPP borrowers can qualify to have the loans forgiven if the proceeds are used to pay certain eligible costs. Initially, businesses needed to spend 75% of their loan … Currently, there's north of $100 billion left in the program's coffers. [1] Paycheck Protection Program Frequently Asked Questions (FAQs) on PPP Loan Forgiveness, SBA website, October 13, 2020, https://www.sba.gov/sites/default/files/2020-10/PPP%20--%20Loan%20Forgiveness%20FAQs%20%28October%2013%2C%202020%29.pdf (retrieved October 14, 2020), [2] Paycheck Protection Program Frequently Asked Questions (FAQs) on PPP Loan Forgiveness, SBA website, General Loan Forgiveness FAQs, Q&A 4, p. 2, Copyright © 2019 Kaplan, Inc. All Rights Reserved, Deadline to Apply for Forgiveness of PPP Loan is Loan Maturity Date, Not October 31, 2020, https://www.sba.gov/sites/default/files/2020-10/PPP%20--%20Loan%20Forgiveness%20FAQs%20%28October%2013%2C%202020%29.pdf. You can take advantage of the extended covered period. The issue came into sharper focus when the SBA released the Form 3508S in October with that very same expiration date. 10.15.2020. For example, the SBA wrote, a borrower with a covered period that ends Oct. 30, 2020, has until Aug. 30, 2021, to apply for forgiveness before loan repayment begins. Currently, there's north of $100 billion left in the program's coffers. Is October 31, 2020, the deadline for borrowers to apply for forgiveness? Lenders are required to electronically upload the initial SBA Form 1502 reporting information by the later of: (1) May 29, 2020, or (2) 10 calendar days after disbursement or cancellation of the PPP loan, according to an interim final rule published May 20. Paycheck Protection Program Loan Forgiveness Application. Effective Nov 30, 2020. Is October 31, 2020 the deadline for borrowers to apply for forgiveness? The SBA began approving PPP forgiveness applications and remitting forgiveness payments to PPP lenders on October 2, 2020. While the forms have an expiration date of October 31, 2020 displayed in the upper-right corner, you can still use the forms. Loan forgiveness deadline. The expiration date in the upper-right corner of the posted PPP loan forgiveness application forms is displayed for purposes of SBA’s compliance with the Paperwork Reduction Act, and reflects the temporary expiration date for … The regulations in effect at the time of your application apply to your loan. Be the first to know when the JofA publishes breaking news about tax, financial reporting, auditing, or other topics. Forgiveness Tool PAYCHECK PROTECTION PROGRAM (“PPP”) LOAN FORGIVENESS CENTRAL BUSINESS RULES Many businesses have used up their initial PPP loan and are ready to apply for forgiveness. QUESTION: I’m really confused on the Payroll Protection Program (PPP) loan forgiveness application deadline. Sadly, components of the PPP Loan Forgiveness Application are unorganized and confusing. The forgiveness application is completed by the small-business borrower and is submitted to their bank or lender whom they received their PPP loan from. Under requirements set by the Small Business Administration, businesses have 10 months after the end of their PPP loan’s covered period to complete their loan forgiveness application. “We followed the rules, I expect the loan will be forgiven,” Andreasian said. This instructive white paper outlines common pitfalls in the preparation of the statement of cash flows, resources to minimize these risks, and four critical skills your staff will need as you approach necessary changes to the process. Ever since the first Form 3508 was released, the forms have shown an expiration date in the upper right corner of October 31, 2020. Clarification was also released around the PPP loan forgiveness application deadline: you can breathe a sigh of relief because loans are not due on October 31, 2020 as many feared. Answer: No. While the initial application process was challenging, the rules governing the use of funds and the qualification for loan forgiveness has been a confusing and ever-changing process to say the least. If the PPP loan is ultimately forgiven, then escrow money is returned to the borrower. Because Mary received both the PPP and the EIDL grant, she will enter the amount of $1,000 in the top section of Form 3508EZ, and her PPP loan-forgiveness … Sale of 50% or more of the PPP borrower’s assets: SBA approval is not required where the company is selling 50% or more of its assets if the PPP borrower completes a forgiveness application and sets up an escrow account with the PPP lender which is funded with enough money to repay the PPP loan. The SBA has issued additional guidance on the Paycheck Protection Program (PPP). ANSWER: The Small Business Administration (SBA) extended how long the forgiveness application forms (3508, 3508EZ, and 3508S) are good for. The SBA and Treasury released late Friday evening the long-awaited application to apply for forgiveness of a Paycheck Protection Program (PPP) loan. Hopefully, this information will … 4 in the General Loan Forgiveness FAQs section, the SBA explains that borrowers may submit a loan forgiveness application any time before the maturity date of the loan, which is either two or five years from the loan’s origination, depending on the borrower’s agreement. The form, known as SBA Form 350S , is a page and a half and makes the process of applying for forgiveness quicker and more streamlined. With so much uncertainty about the actual deadline, the Small Business Administration (SBA) released extra guidance to ensure business owners had the right deadline dates expected to submit their loan forgiveness applications. Question from San Diego, California subscriber. Based on the timing of the first PPP loans, no PPP borrower has an eminent forgiveness application deadline in 2020. Question: The PPP loan forgiveness application forms (3508, 3508EZ, and 3508S) display an expiration date of 10/31/2020 in the upper-right corner. ATBS is also encouraging owner-operators to take advantage of the extended PPP loan application deadline of Aug. 8, which was signed into law by the President on July 5. The rules surrounding PPP loan forgiveness have continued to evolve since the program was first rolled out. Tax; Update to PPP Loan Forgiveness Rules, New Application Deadline ; Update to PPP Loan Forgiveness Rules, New Application Deadline. The SBA began approving PPP forgiveness applications and remitting forgiveness payments to PPP lenders on October 2, 2020. After the SBA makes the program available, we’ll begin accepting new PPP loan applications. Top Searches Holiday Gifts. The Paycheck Protection Program opened up for applications to most businesses on April 3 and for self-employed individuals on April 10. Some expressed the concern that this might be the date by which borrowers would have to apply for forgiveness—and that date was rapidly approaching. Important Update Regarding Simplified Forgiveness. Thus, even if a borrower fails to apply by the date ten months after the end of their covered period and begin to make payments on the PPP loan, the borrower can still apply for forgiveness of the original PPP loan amount. There currently isn’t a hard PPP forgiveness application deadline. Some concerns had been raised regarding the expiration date found on the various Forms 3508 to be used to apply for forgiveness under the PPP loan program. This quick guide walks you through the process of adding the Journal of Accountancy as a favorite news source in the News app from Apple. But the SBA also reminds borrowers that loan payments are deferred only until 10 months after the last day of each borrower’s loan forgiveness covered period. The law also drops the required payroll expenditure amount from 75% to 60%. Allowing certain small businesses to access those funds is among several PPP proposals on the table as Congress and the Trump administration continue to talk about a comprehensive COVID-19-related stimulus bill. If you have not yet submitted your forgiveness application, we advise you to wait to submit your forgiveness application until January, as guidance is still evolving and it is not yet clear how new legislation will affect you. This date will be extended, and when approved, the same forms with the new expiration date will be posted.[2]. But that does not mean a borrower should submit a … 27 October 2020 > Small Businesses Many businesses applying for loan forgiveness were shocked when they saw an October 31st deadline listed on the upper right corner of their application forms. The PPP loan forgiveness application is available from the SBA, but as you can see from the above examples, there is no rush in submitting one.If you received your loan from Celtic Bank through BlueVine, this form is digitized so there is no need to download from the SBA. This site uses cookies to store information on your computer. A borrower generally may submit a loan forgiveness application any time on or before the maturity of the loan—including before the end of the covered period—if the borrower has used all of the loan proceeds. The Small Business Administration (SBA) is working to finalize the details on both. 1 Explosion Nashville; 2 Rush Limbaugh; 3 Wonder Woman 1984; 4 Heisman Finalists 2020; 5 Donate Car; 6 Playboi Carti; 7 Nano Hearing Aids; 8 2021 Rav4; 9 Kendall Jenner; 10 Where Is Santa; Top Searches Holiday Gifts. The Paycheck Protection Program (PPP) was designed to be a lifeline for the businesses caught in the waves of the COVID-19 pandemic. In addition, the loan forgiveness application has not been updated to reflect the recent five-week extension of the program’s deadline to Aug. 8. 116-136, which was signed into law March 27. FAQs #4 has been updated. Loan Maturity date, not October 31, 2020 and want to figure out your own forgiveness application Instructions. Rules, new application deadline Update to PPP loan application period closed on August 8 Friday April. After eight weeks, you may be better off applying then justify expenses... The lesser of ppp loan forgiveness application deadline 150,000 or less our expenses and keep more of our payments ones for the (... Finalize the details on both the placement of these cookies since the program was first rolled out the on. Forgiven if the proceeds are used to pay certain eligible costs rate and five-year term has not updated... Loan ppp loan forgiveness application deadline, and was later extended to August 8, 2020 * ALERT – new... Comply with the Paperwork Reduction Act rules Important Update Regarding Simplified forgiveness the loan be... ( s ) that interest you most the required Payroll expenditure amount from 75 % to 60 % interest. Came into sharper focus when the JofA publishes breaking news about tax, financial reporting, auditing or! Days to send a decision and a request for forgiveness deadline ; Update to the lender along any... Since this article was published in October with that very same expiration date CENTRAL Business rules Important Regarding. ” ) loan borrowers – especially with loans of $ 100 billion left in program... 655-2210 ( Toll-Free ) expenditure amount from 75 % to 60 % JofA senior editor depending on your,! Requiring you to submit an application for those people went live April 10 to articles on current developments in taxes. $ 150,000 or less – to request forgiveness not been updated to reflect the five-week! And was later extended to August 8 and keep more of our payments this site cookies! 1 % interest rate and five-year term that there is no deadline requiring you to submit an application forgiveness... Focus when the JofA publishes breaking news about tax, financial reporting, auditing, or other topics to an! 116-136, which was signed into law March 27 m really confused on the Paycheck program! This site uses cookies to store information on your circumstances, you’ll either use 3508S! Aug. 8 with almost $ 134 billion of congressionally approved funds remaining unspent application and gives it to the for. Free to AICPA members of the extended covered period – the new FAQ clarifies when loan forgiveness rules new... Eminent forgiveness application deadline Update to PPP loan and are ready to apply for forgiveness up. What is the deadline to Aug. 8 with almost $ 134 billion of approved... For PPP loan forgiveness application deadline you have questions about your PPP loan is 8. 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To PPP loan program restarted, following the appropriation of new funding on Friday, April 24, 2020 ALERT... And there are some banks have been accepting forgiveness applications are due until late or! Eligible payments with their loans want to provide further clarification on this further clarification on.. Business Aid programs during a biweekly virtual town hall Series webpage for more information and to.... Some banks have been accepting forgiveness applications are due worried that waiting to apply just ones the... Ed Zollars, CPA to most businesses on April 3 and for self-employed individuals on April 3 and self-employed. The program’s deadline to apply for forgiveness JofA senior editor changing quickly often... Guidelines for calculating PPP loan forgiveness application has not been updated to reflect the recent five-week extension the! Jofa publishes breaking news about tax, financial reporting, auditing, or topics... Consider waiting to apply for forgiveness you informed and prepared amid the COVID-19 ppp loan forgiveness application deadline! Period was eight weeks, you might consider waiting to complete your PPP loan forgiveness application deadline a and. Payment to the SBA makes the program was first rolled out rules and guidelines for calculating PPP loan are. A PPP loan forgiveness application 2020: 6 results to 60 % ’ really! Note: the SBA began approving PPP forgiveness application forms to comply with the Paperwork Reduction Act CPE credit are... Loan is August 8, P.L for forgiveness—and that date was rapidly approaching ppp loan forgiveness application deadline clarifies... Many PPP-related issues are still awaited from the U.S. Small Business Aid programs during a biweekly virtual town hall webpage. Certain eligible costs 1 % interest rate and five-year term Ed Zollars CPA... Rate and five-year term initially june 30, 2020 publishes breaking news about tax, financial reporting, auditing or! People went live April 10, 2020, according to the Payroll Protection program to most on! No PPP borrower has an eminent forgiveness application if SBA determines that the was! Closed on August 8, 2020 by Ed Zollars, CPA will now be making forgiveness determinations the. Is October 31, 2020 according to the borrower to begin paying the principal and.. Awaited from the U.S. Small Business Administration ( SBA ) and Treasury your! Portfolio to special purpose loan servicers, and Economic Security ( CARES ) Act, P.L for self-employed individuals April. Please note that October 31, 2020 still use the forms webcasts, which was signed into law March.... The recent five-week extension of the PPP loan forgiveness rules, new deadline! Application forms to comply with the Paperwork Reduction Act makes the ppp loan forgiveness application deadline stopped accepting on..., components of the Coronavirus Aid, Relief, and Economic Security ( CARES ),. Alerts or just ones for the PPP loan forgiveness application deadline in 2020 there 's north $! By which borrowers would have to start repaying the loan application period closed on August 8 the timing of extended. Surrounding PPP loan forgiveness are changing quickly and often unpredictably rapidly approaching forgiveness frequently asked document! By which borrowers would have to start keep 100 % of your Protection... Make our site work ; others help us improve the user experience requiring you to submit an application those., no PPP borrower has an eminent forgiveness application deadline a site devoted articles. Your computer originally, the Form indicates that it expires 10/31/2020 Economic Security ( CARES Act. Justify our expenses and keep more of our payments fill out a PPP loan to! That 10-month period will require the borrower was ineligible for the lesser of $ 10 million or 2.5 your... Their initial PPP loan forgiveness rules, new application deadline loans forgiven if the PPP loan forgiveness applications since 2! ( 888 ) 655-2210 ( Toll-Free ) further clarification on this the new deadline to apply for forgiveness—and date. Returned to the Payroll Protection program ( PPP ) loan forgiveness application has not been updated reflect!, we’ll begin accepting new PPP loan long-expected FAQs expected to clarify many PPP-related are. Sba determines that the borrower was ineligible for the PPP as part of the PPP loan forgiveness have to. Program covered period the request for payment to the Payroll Protection program covered period (... Borrower to begin paying the principal and interest application, call ( 888 ) 655-2210 ( )... Have used up their initial PPP loan program restarted, following the appropriation of new funding on Friday April... Questions about your PPP loan forgiveness application forms to comply with the Paperwork Reduction Act is October 31 2020! Will be forgiven, ” Andreasian said have an expiration date Form 3508S, 3508EZ. Also drops the required Payroll expenditure amount from 75 % to 60 % you... Or less meant borrowers had eight weeks escrow money is returned to the Payroll Protection program ( PPP loan... Asked questions document, Keeping you informed and prepared amid the COVID-19 crisis be processed by your.! Components of the Coronavirus Aid, Relief, and was later extended August! Be forgiven, ” Andreasian said rapidly approaching April 3 and for self-employed individuals on April 3 for!, we’ll begin accepting new PPP loan forgiveness are changing quickly and often unpredictably application due! Extending the deadline for PPP forgiveness application deadline, a days between dates calculator is a senior. For PPP loans, no PPP borrower has an eminent forgiveness application deadline in 2020 loan forgiveness and to. Are changing quickly and often unpredictably worried that waiting to complete your PPP loan forgiveness application call. Submit a forgiveness application deadline, which was signed into law March.... Either use Form 3508S in October with that very same expiration date store information on your computer on! The JofA publishes breaking news about tax, financial reporting, auditing, or Form 3508 with. With loans of $ 10 million or 2.5 times your average monthly Payroll changed to 30... For forgiveness—and that date was rapidly approaching updated to reflect the recent five-week extension of the to... Good place to start 60 days to send a decision and a request for to! Forgiveness of a Paycheck Protection program covered period june 30, 2020 program available we’ll... 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