First PPP Loan Forgiveness Deadline is August 30, 2021. … Your deadline for submitting a PPP loan forgiveness application ends 10 months after your covered period ends. The common ending date for the covered period for the first round PPP loan draws was October 30, 2020.
Just so, are PPP funds still available today?
PPP Money – Nearly All Gone: Only $8 billion remains available. Source: CBS News, April 6, 2021.
Accordingly, can I submit my PPP application online?
Applications for PPP loan forgiveness at Bank of America must be submitted digitally through our online PPP loan forgiveness application portal.
Can you look up who received PPP?
If you’re looking to check who’s received EIDL grants, EIDL loans, or PPP loans, the SBA has made recipient data publicly available. … This information was outlined recently in the SBA Inspector General Identity Theft and Fraud Report.
H.R. 1799, the “PPP Extension Act of 2021,” which extends the Paycheck Protection Program (PPP) application deadline to May 31, 2021; and extends the PPP authorization through June 30, 2021 to provide the Small Business Administration additional time to process applications received by the application deadline.
Since any company that’s eligible to receive an EIDL loan is eligible for a grant, the process of getting the up to $10,000 advance for your business was relatively straightforward. You simply went to the SBA’s disaster loan assistance page and filled out an application.
Applications for the final round of PPP loans will be accepted only until Monday or until the remaining funds are drained, whichever is sooner. Most of the money is already gone. … The Small Business Administration has approved more than 11 million of the loans over the course of the program.
Deadline and Fund Availability and Some Lender Requirements: Under the Extension Act, the last day for lenders to submit applications for Second Draw PPP Loans is May 31, 2021, and, the SBA will have an additional 30 days to process the applications submitted before June 1, 2021.
Banks Currently Accepting Payroll Protection Program Loan Applications. The Paycheck Protection Program officially ended on May 31, 2021.
As of 5/31/2021 the SBA has disbursed $800 billion of the $813.5 billion so far appropriated by Congress to this program. As of Round Three, $6 billion, or 2 percent of Round Three PPP funding, remain available to the program.
WHAT HAPPENS IF YOU MISS THE APPLICATION DEADLINE. If you don’t apply for loan forgiveness within 10 months after the last day of your covered period, you’ll be required to start making payments to your PPP lender at 1 percent interest, which started accruing when the loan was made.
Lenders accepting PPP forgiveness applications
- Capital One.
- Citi Bank.
- Cross River Bank.
- Funding Circle.
The PPP Extension Act of 2021, which became law on March 30, extends the PPP application deadline to May 31, 2021. … The SBA will continue to accept applications for loans submitted by community financial institutions until this set-aside is exhausted or May 31, 2021, whichever is earlier.