As we transition to PNC, BBVA USA is no longer accepting new PPP Loan Forgiveness Applications and the forgiveness application portal permanently closed October 8, 2021. … If you need immediate assistance, please contact BBVA at 866-996-6240.
In this regard, can you do the PPP loan twice?
A second PPP loan is only available to businesses that were in operation before February 15, 2020. They must have used up their initial PPP loan and have incurred a 25% or more reduction in revenue in 2020. … If the businesses recorded $15,000 or less in Q2 sales in 2020, they are eligible to apply for a second PPP loan.
Simply so, can you still get a PPP loan in August 2021?
Paycheck Protection Program Round 2: FAQs For Nonprofits – August 2021. The Paycheck Protection Program closed on May 28, 2021. The SBA is no longer accepting new applications from participating lenders.
Do I have to wait 24 weeks to apply for PPP loan forgiveness?
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.
How do I pay back a PPP loan?
The website you can use to repay your EIDL loan can be found at Pay.gov. You must have your 10-digit loan number and a payment amount in order to pay it back. There is no prepayment penalty but it is possible a minimal amount of interest has accrued from the time the loan was disbursed.
Is it too late to apply for PPP?
It’s definitely not too late. As soon as the bank or SBA receives the loan forgiveness application the PPP loan goes back into deferral status.
Should I use 8 weeks or 24 weeks for my PPP loan covered period?
If you reduce your full-time employee count or employee wages after the 8-week period, that might reduce your eligible forgiveness amounts. However, a longer, 24-week covered period gives you more time to remedy any reductions in employee count or wages.
What documents are needed for loan forgiveness?
Requirements include:
- Copies of canceled checks.
- Bank statements with ACH information.
- Utility bills.
- Mortgage statements.
- Lease agreements.
- List of all employees on your payroll during the covered period.
- Evidence that your employees were kept on payroll or rehired upon receiving the loan.
What is the deadline for loan forgiveness?
The deadline for submitting a forgiveness application is 10 months after your covered period ends.
What is the deadline for second PPP loan forgiveness 2021?
For example, a borrower whose 24-week covered period ends on October 30, 2020 has until August 30, 2021 to apply for forgiveness before loan repayment begins.
What proof is needed for PPP forgiveness?
Proof of payments must be provided as well which can be done with payment receipts or by indicating payments on your bank account statement. To prove mortgage interest payments you’ll need to provide: Mortgage amortization table, or mortgage account statements. Payment receipts, OR annotated bank statements.
Who do I submit my PPP loan forgiveness to?
To apply for forgiveness of your Paycheck Protection Program (PPP) loan, you (the Borrower) must complete this application as directed in these instructions, and submit it to your Lender (or the Lender that is servicing your loan). Borrowers may also complete this application electronically through their Lender.
Will PPP loan forgiveness be extended?
Borrowers are able to defer paying back principal and interest on their PPP loans during the deferment period which, prior to the new rule, ended after the SBA issued a decision on the borrower’s loan forgiveness application. … New loans under the Program are no longer being advanced as of May 31, 2021.
Will there be another PPP loan in 2021?
There Won’t Be Another PPP Loan in 2021, but Other Programs Can Help. The SBA (Small Business Administration) isn’t planning another round of PPP (Paycheck Protection Program) loans. Still, other programs are available to help your business recoup revenue lost during the COVID-19 pandemic.