We are now accepting Forgiveness requests for 2020 and 2021 PPP Loans. … You’ll still request Forgiveness directly from us because we’re continuing with our simple process and are not participating in the new SBA direct program.
Similarly, 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.
Accordingly, is the PPP loan forgiveness going to 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.
What if I missed the deadline for PPP loan forgiveness?
Missing the deadline will initiate monthly payments with interest. After the deadline, borrowers may still seek forgiveness up until their loan matures, which could be either two or five years.
When Are Loan Forgiveness Applications Due?
|Submitted PPP Application||PPP Loan Disbursement||Loan Forgiveness Application Due|
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.