The PPP Loan Forgiveness Deadline is Quickly Approaching

The deadline to apply for PPP loan forgiveness may be as early as mid-July for some businesses.

If the forgiveness application is not completed within the appropriate timeframe, the PPP loan will automatically convert to a standard loan payable over 2 or 5 years at 1% interest, and payments with interest will be immediately due to lenders.

In order to receive PPP loan forgiveness, businesses must apply within 10 months of the end of the covered period for which they had to spend the funds (the SBA assumes you are using the maximum length 24-week covered period). For example, If your entity received a PPP loan at the beginning of the program in April 2020 and elected the 24-week covered period, then your forgiveness application would be due by September 2021.

You should evaluate whether your PPP loan forgiveness application is due soon and apply on time to avoid any unnecessary costs regarding your PPP loan.

If you have any questions or need assistance with your PPP loan forgiveness application, give us a call to discuss.

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