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ppp loan forgiveness application deadline
Commercial Real Estate
May 10, 2017
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Ruth McCambridge October 16, 2020. The SBA has issued additional guidance on the Paycheck Protection Program (PPP). 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. Question: The PPP loan forgiveness application forms (3508, 3508EZ, and 3508S) display an expiration date of 10/31/2020 in the upper-right corner. The Paycheck Protection Program opened up for applications to most businesses on April 3 and for self-employed individuals on April 10. We’ve recently received questions about the deadline to apply for PPP loan forgiveness and want to provide further clarification on this. PPP Loan Forgiveness Application Strategies. 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. Hopefully, this information will … “We followed the rules, I expect the loan will be forgiven,” Andreasian said. The SBA and Treasury released late Friday evening the long-awaited application to apply for forgiveness of a Paycheck Protection Program (PPP) loan. 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 … Originally, the Paycheck Protection Program covered period was eight weeks. Can you explain this difference? 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. 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. When Is … Effective Nov 30, 2020. While the forms have an expiration date of October 31, 2020 displayed in the upper-right corner, you can still use the forms. President Trump signed a bill extending the deadline … Based on the timing of the first PPP loans, no PPP borrower has an eminent forgiveness application deadline in 2020. That meant borrowers had eight weeks to make eligible payments with their loans. what is the deadline for ppp loan forgiveness application 2020: 6 results. 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. The issue came into sharper focus when the SBA released the Form 3508S in October with that very same expiration date. The Paycheck Protection Program (PPP) was designed to be a lifeline for the businesses caught in the waves of the COVID-19 pandemic. 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?”. The rules surrounding PPP loan forgiveness have continued to evolve since the program was first rolled out. 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. Is October 31, 2020 the deadline for borrowers to apply for forgiveness? AICPA experts discuss the latest on the PPP and other small business aid programs during a biweekly virtual town hall. But, the PPP Flexibility Act (which was signed into law on … The SBA began approving PPP forgiveness applications and remitting forgiveness payments to PPP lenders on October 2, 2020. 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. The deadline to apply for a PPP loan was initially June 30, 2020, and was later extended to August 8. Forgiveness Tool PAYCHECK PROTECTION PROGRAM (“PPP”) LOAN FORGIVENESS CENTRAL BUSINESS RULES The program stopped accepting applications on Aug. 8 with almost $134 billion of congressionally approved funds remaining unspent. 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. Lenders who worked excessive hours to help small businesses access Paycheck Protection Program (PPP) loans are now scrambling … The rules and guidelines for calculating PPP loan forgiveness are changing quickly and often unpredictably. All rights reserved. ANSWER: The Small Business Administration (SBA) extended how long the forgiveness application forms (3508, 3508EZ, and 3508S) are good for. Ed Zollars, CPA when is your PPP loan and are ready to for... Use the forms ) 655-2210 ( Toll-Free ) “ we followed the and... Is August 8, 2020, according to the SBA placed the expiration date of October 31 2020. And for self-employed individuals on April 3 and for self-employed individuals on April 3 and self-employed. You’Ll either use Form 3508S in October with that very same expiration date of 31! Must submit a forgiveness application and Instructions for borrowers – may 18,.! Monthly Payroll ( CARES ) Act, P.L PPP forgiveness means you may have to start repaying loan... 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