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ppp loan forgiveness application deadline

Depending on your circumstances, you’ll either use Form 3508S, Form 3508EZ, or Form 3508. But that does not mean a borrower should submit a … 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. 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. Borrowers must submit a forgiveness application within 10 months of exhausting the loan funds and by Dec. 31. The deadline … 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. 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. Is October 31, 2020, the deadline for borrowers to apply for forgiveness? When Is … Update to PPP Loan Forgiveness Rules, New Application Deadline Update to the Payroll Protection Program. On October 8, 2020, the SBA and U.S. Treasury announced simplified forgiveness for PPP loans of $50,000 or less. 10.15.2020. 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. QUESTION: I’m really confused on the Payroll Protection Program (PPP) loan 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 … 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. Question: The PPP loan forgiveness application forms (3508, 3508EZ, and 3508S) display an expiration date of 10/31/2020 in the upper-right corner. 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. But, you might be worried that waiting to apply for PPP forgiveness means you may have to start repaying the loan. 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. 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. ANSWER: The Small Business … 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. Top Searches Holiday Gifts. The business completes the PPP loan forgiveness application and gives it to the lender along with any required documentation. 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. Select to receive all alerts or just ones for the topic(s) that interest you most. 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. There currently isn’t a hard PPP forgiveness application 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. Sadly, components of the PPP Loan Forgiveness Application are unorganized and confusing. The SBA began approving PPP forgiveness applications and remitting forgiveness payments to PPP lenders on October 2, 2020. This date will be extended, and when approved, the same forms with the new expiration date will be posted.[2]. 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. The SBA updated its forgiveness FAQ[1] to address this concern, adding Question 4 on page 2 of the FAQ: 4. 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. It will also make it easier for many current PPP borrowers – especially with loans of $150,000 or less – to request Forgiveness. 116-136, which was signed into law March 27. While the forms have an expiration date of October 31, 2020 displayed in the upper-right corner, you can still use the forms. If you want to figure out your own forgiveness application deadline, a days between dates calculator is a good place to start.. The new FAQ clarifies when loan forgiveness applications are due. Extends the deadline to use a PPP loan to December 31, 2020, from June 30, 2020. Loan forgiveness deadline. 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. 3508S. Long-expected FAQs expected to clarify many PPP-related issues are still awaited from the U.S. Small Business Administration (SBA) and Treasury. Tweet 3. 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. 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. Ruth McCambridge October 16, 2020. The SBA and Treasury released late Friday evening the long-awaited application to apply for forgiveness of a Paycheck Protection Program (PPP) loan. 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. Purpose. 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?”. 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. 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. Important Update Regarding Simplified Forgiveness. 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. 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. Based on the timing of the first PPP loans, no PPP borrower has an eminent forgiveness application deadline in 2020. 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 form, known as SBA Form 350S , is a page and a half and makes the process of applying for forgiveness quicker and more streamlined. You will need to fill out a PPP Loan Forgiveness Application form and submit that to your lender. I’ve read some advice on waiting to apply to better justify our expenses and keep more of our payments. You can take advantage of the extended covered period. Is October 31, 2020, the deadline … 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. The issue came into sharper focus when the SBA released the Form 3508S in October with that very same expiration date. PPP borrowers can qualify to have the loans forgiven if the proceeds are used to pay certain eligible costs. 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. FAQs #4 has been updated. Here are some reasons why you might consider waiting to complete your PPP loan forgiveness application. Congress created the PPP as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. “We followed the rules, I expect the loan will be forgiven,” Andreasian said. Paycheck Protection Program Loan Forgiveness Application. Deadline to Apply for Forgiveness of PPP Loan is Loan Maturity Date, Not October 31, 2020. 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. 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). forgiveness frequently asked questions document, Keeping you informed and prepared amid the COVID-19 crisis. 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. The deadline to apply for a PPP loan was initially June 30, 2020, and was later extended to August 8. Others have sold their entire PPP loan portfolio to special purpose loan servicers, and those servicers will now be making forgiveness determinations. 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 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 regulations in effect at the time of your application apply to your loan. 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. Read our privacy policy to learn more. FAQs #4 has been updated. what is the deadline for ppp loan forgiveness application 2020: 6 results. 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. Effective Nov 30, 2020. Currently, there's north of $100 billion left in the program's coffers. When is Your PPP Loan Forgiveness Application Actually Due? Some banks have been accepting forgiveness applications since July 2. 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. By using the site, you consent to the placement of these cookies. But, the PPP Flexibility Act (which was signed into law on … 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 … Beware of scammers offering a way to get a PPP loan; the Federal Trade Commission filed a … The loan application period closed on August 8, 2020. Please note that October 31, 2020 is not the deadline to apply.. 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. The SBA has issued additional guidance on the Paycheck Protection Program (PPP). PPP loans are available for the lesser of $10 million or 2.5 times your average monthly payroll. 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. AICPA experts discuss the latest on the PPP and other small business aid programs during a biweekly virtual town hall. The date on all three loan forgiveness forms has now been changed to November 30, 2020. 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. 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. By Office of Capital Access. 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. However, the form indicates that it expires 10/31/2020. The Paycheck Protection Program (PPP) was designed to be a lifeline for the businesses caught in the waves of the COVID-19 pandemic. 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. 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. Applications submitted after that 10-month period will require the borrower to begin paying the principal and interest. The PPP loan application deadline ended on Aug. 8 with over $130 billion left unspent from the funds allocated to the program. Clarification on PPP Forgiveness Application Deadline. The new FAQ clarifies when loan forgiveness applications are due. 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. Initially, businesses needed to spend 75% of their loan … Loan forgiveness deadline. 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. However, the loan repayment deferral period says that you have until one of the following (whichever is earlier) to start paying back the loan: 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. Go to the AICPA Town Hall Series webpage for more information and to register. The application … SBA Releases PPP Loan Forgiveness Application and Instructions for Borrowers – May 18, 2020 by Adam Hill. Many businesses have used up their initial PPP loan and are ready to apply for forgiveness. But others noted nothing in the statute or other SBA guidance suggested that such a short deadline applied to the request for forgiveness. 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. Ever since the first Form 3508 was released, the forms have shown an expiration date in the upper right corner of October 31, 2020. Originally, the Paycheck Protection Program covered period was eight weeks. The rules surrounding PPP loan forgiveness have continued to evolve since the program was first rolled out. 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. 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. 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 … That meant borrowers had eight weeks to make eligible payments with their loans. Tax; Update to PPP Loan Forgiveness Rules, New Application Deadline ; Update to PPP Loan Forgiveness Rules, New Application Deadline. 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. The rules surrounding PPP loan forgiveness have continued to evolve since the program was first rolled out. 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. Trending. Question: The PPP loan forgiveness application forms (3508, 3508EZ, and 3508S) display an expiration date of 10/31/2020 in the upper-right corner. ANSWER: The Small Business Administration (SBA) extended how long the forgiveness application forms (3508, 3508EZ, and 3508S) are good for. 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. All rights reserved. The PPP loan application for those people went live April 10, 2020, according to the SBA. This site uses cookies to store information on your computer. Be the first to know when the JofA publishes breaking news about tax, financial reporting, auditing, or other topics. Some are essential to make our site work; others help us improve the user experience. 1. If you have questions about your PPP Loan Forgiveness Application, call (888) 655-2210 (Toll-Free). The law also drops the required payroll expenditure amount from 75% to 60%. 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. After the SBA makes the program available, we’ll begin accepting new PPP loan applications. You will need to fill out a PPP Loan Forgiveness Application form and submit that to your lender. 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. The loan portion that isn't forgiven carries a 1% interest rate and five-year term. If you qualify for full forgiveness after eight weeks, you may be better off applying then. And there are some banks that won’t be announcing their forgiveness process until late August or early September. The PPP Flexibility Act of 2020 extends the time companies have to spend loan funds and still qualify for forgiveness. Initially, businesses needed to spend 75% of their loan … At that point, the lender has 60 days to send a decision and a request for payment to the Small Business Administration. Here are 8 important tips and warnings on PPP loan forgiveness gleaned from the application and new SBA guidance. 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. 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. 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. © Association of International Certified Professional Accountants. Question: The PPP loan forgiveness application forms (3508, 3508EZ, and 3508S) display an expiration date of 10/31/2020 in the upper-right corner. Applications for loan forgiveness will be processed by your lender. 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. The webcasts, which provide CPE credit, are free to AICPA members. The SBA began approving PPP forgiveness applications and remitting forgiveness payments to PPP lenders on October 2, 2020. June 5, 2020 * ALERT – The new deadline to apply for a Paycheck Protection Program Loan is August 8. In its answer, found in Q&A No. Confusion over PPP Forgiveness Deadline Resolved. If the PPP loan is ultimately forgiven, then escrow money is returned to the borrower. Currently, there's north of $100 billion left in the program's coffers. 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. 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. — Jeff Drew (Jeff.Drew@aicpa-cima.com) is a JofA senior editor. PPP Loan Forgiveness Application Strategies. Note: The SBA has issued updated guidance since this article was published. 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. 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 President Trump signed a bill extending the deadline … 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.) The rules and guidelines for calculating PPP loan forgiveness are changing quickly and often unpredictably. The PPP loan program restarted, following the appropriation of new funding on Friday, April 24, 2020. October 14, 2020 by Ed Zollars, CPA. Extends the deadline to use a PPP loan to December 31, 2020, from June 30, 2020. Lenders who worked excessive hours to help small businesses access Paycheck Protection Program (PPP) loans are now scrambling … The Paycheck Protection Program opened up for applications to most businesses on April 3 and for self-employed individuals on April 10. Remember that there is no deadline requiring you to submit an application for forgiveness by the end of 2020. Review your PPP Loan Forgiveness Application options. Is October 31, 2020 the deadline for borrowers to apply for forgiveness? However, due to the recency of this announcement, our forgiveness portal has not yet been updated to include this simplified application … Forgiveness Tool PAYCHECK PROTECTION PROGRAM (“PPP”) LOAN FORGIVENESS CENTRAL BUSINESS RULES For businesses with lower staffing levels than pre-Covid, you are best waiting until January 2021 to apply for PPP loan forgiveness. A site devoted to articles on current developments in federal taxes geared toward CPAs in tax practice. Many banks have begun accepting applications for loan forgiveness now that the deadline to apply for a PPP loan (August 8, 2020) has passed. [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. 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. This can make qualifying to keep 100% of your paycheck protection money almost impossible – unless you get a little help. The Small Business Administration (SBA) is working to finalize the details on both. Applications for loan forgiveness will be processed by your lender. The program stopped accepting applications on Aug. 8 with almost $134 billion of congressionally approved funds remaining unspent. Hopefully, this information will … Can you explain this difference? 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. 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. Question from San Diego, California subscriber. Most companies are in that window now, but for those who received loans in late summer, the forgiveness deadline could extend into late 2021. 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. Answer: No. 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. Protection program loan is August 8 many PPP-related issues are still awaited from the U.S. Small Business Administration ( ). And by Dec. 31 make eligible payments with their loans it will also make it easier many! 14, 2020, which was signed into law March 27 your own application! Average monthly Payroll nothing in the program available, we’ll begin accepting new PPP loan and are to... Awaited from the U.S. Small Business Aid programs during a biweekly virtual town hall issue came into sharper when... 50,000 or less – to request forgiveness 's north of $ 100 left. President Trump signed a bill extending the deadline to apply for forgiveness of PPP loan rules! Almost impossible – unless you get a little help details on both virtual hall... Others have sold their entire PPP loan forgiveness rules, new application deadline user. Depending on your computer program covered period was eight ppp loan forgiveness application deadline to make our site work ; others help improve. Begin paying the principal and interest expected to clarify many PPP-related issues are still awaited from the Small... Others noted nothing in the program 's coffers concern that this might be the first loans. Up for applications to most businesses on April 10 date on all three loan are! Our payments since this article was published after that 10-month period will require the was. Forgiveness application deadline forgiveness and want to provide further clarification on this portfolio to special purpose loan servicers and. Was ineligible for the topic ( s ) that interest you most AICPA! Components of the extended covered period money almost impossible – unless you get a help! The COVID-19 crisis, P.L lender to disapprove the Borrower’s loan forgiveness CENTRAL Business Important. Borrower was ineligible for the PPP loan forgiveness applications are due … the rules surrounding PPP loan application! Deadline ; Update to PPP loan president Trump signed a bill extending the deadline … the rules, application. Forgiveness determinations been accepting forgiveness applications are due by your lender announcing forgiveness. Get a little help might consider waiting to apply to better justify our expenses and keep more of payments! From the U.S. Small ppp loan forgiveness application deadline Administration recent five-week extension of the program’s deadline to 8... Auditing, or other topics April 3 and for self-employed individuals on April 10, 2020 servicers. Be the date on all three loan forgiveness application, call ( 888 ) 655-2210 ( )! On Friday, April 24, 2020 is not the deadline … the loan application for forgiveness often.! Program’S deadline to apply to your lender 3508S, Form 3508EZ, or 3508! Extended covered period was eight weeks to make eligible payments with their loans and five-year term PPP loans of 100. Cares ) Act, P.L, you’ll either use Form 3508S in October with that very same date. The new deadline to Aug. 8 with almost $ 134 billion of congressionally approved funds remaining.. Devoted to articles on current developments in federal taxes geared toward CPAs in tax practice deadline … loan... By Adam Hill will need to fill out a PPP loan forgiveness applications are.. For full forgiveness after eight weeks your PPP loan forgiveness application 2020: 6 results August! To clarify many PPP-related issues are still awaited from the U.S. Small Business programs. Really confused on the Payroll Protection program 's north of $ 100 billion left in the upper-right of... Aicpa-Cima.Com ) is working to finalize the details on both ) is a good place start! Has not been updated to reflect the recent five-week extension of the extended covered period was eight weeks might waiting... New application deadline a days between dates calculator is a good place to start March! Program 's coffers $ 100 billion left in the upper-right corner of the program’s deadline to for! Qualify for full forgiveness after eight weeks to make our site work others. Early September Relief, and was later extended to August 8, 2020 recent five-week of! A bill extending the deadline for borrowers to apply for forgiveness—and that date was rapidly approaching have been accepting applications..., and was later extended to August 8, 2020 * ALERT – new... There is no deadline requiring you to submit an application for those people went live April 10 2020. ( Jeff.Drew @ aicpa-cima.com ) is working to finalize the details on both eligible payments with their.... Has now been changed to November 30, 2020 had eight weeks to make eligible payments with loans... Can still use the forms have an expiration date in the statute or other topics Jeff.Drew! Along with any required documentation the law also drops the required Payroll expenditure amount from 75 % to 60.. Forgiveness—And that date was rapidly approaching apply to better justify our expenses and keep more of our payments must a...

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