X Co. incurred $100,000 of costs eligible for forgiveness over the next 8 weeks. The PPP Loan Forgiveness Application (AKA “the standard application”) helps businesses that may have PPP loans $50,000 or more and made more significant employee reductions (more than 25%) and wages, or for businesses that may have more complex situations. If you received your PPP loan prior to June 5, 2020, you can still choose to use the eight-week forgiveness window. On October 8, 2020, the SBA posted an alternative PPP Loan Forgiveness Application Form 3508S (“SBA Form 3508S”) for borrowers with a PPP loan of … PPP borrowers must apply for loan forgiveness with the lender that processed the loan. PPP Loan Forgiveness Calculation Form. Related programs: PPP. The funds can be used to pay any eligible expenses incurred during the period beginning on the date the lender makes the first disbursement of the PPP loan to the borrower. The Paycheck Protection Programs loans (PPP Loans) were aimed to help struggling businesses and provide an incentive for them to stay open. Question: The PPP loan forgiveness application forms (3508, 3508EZ, and 3508S) display an expiration date of 10/31/2020 in the upper-right corner. Total of 5 months. h�b```�f?~�g`��0pd`d��JᎬ׆y�6T4���-;����sݶF�=B�����z{�����(� ��@��j�20n��|`' �2����`����� ��|�j k�c`ܮ���:�@�by���E��4� ��; SBA may direct a lender to disapprove the Borrower’s loan forgiveness application if SBA determines that the Borrower was ineligible for the PPP loan. Updated 11-30-20 with new expiration date. We’ve recently received questions about the deadline to apply for PPP loan forgiveness and want to provide further clarification on this. The Borrower’s eligibility for loan forgiveness will be evaluated in accordance with the PPP regulations and guidance issued by SBA through the date of this application. ANSWER: The Small Business Administration (SBA) extended how long the forgiveness application forms (3508, 3508EZ, and 3508S) are good for. The SBA has apparently been receiving many inquiries regarding the due date. The funds can be used to pay any eligible expenses incurred during the period beginning on the date the lender makes the first disbursement of the PPP loan to the borrower. PPP Loan Applications Due by June 30, 2020. You are not required to submit your PPP loan forgiveness application before December 31, 2020. • Submit Loan Forgiveness Application (SBA Form 3508 or 3508EZ) to Lender – Due Date -10 months after CP under New Act. The SBA answered, "No." As discussed in our June 4, 2020, Client Alert on the Paycheck Protection Program Flexibility Act of 2020 (PPPFA), the PPPFA amended several key provisions of the Paycheck Protection Program (PPP), but one item that did not change is the application deadline.This means all PPP applications are due by June 30, 2020. All information prepared on this site is for informational purposes only, and should not be relied on for legal, tax or accounting advice. As of June 5, 2020, a new bill was signed into law by the President to expand the PPP loan forgiveness rules. QUESTION: I’m really confused on the Payroll Protection Program (PPP) loan forgiveness application deadline. For example, a borrower whose covered period ends on October 30, 2020 has until August 30, 2021 to apply for forgiveness before loan repayment begins. The due date is not October 31, however applicants may submit before that. "It is important to remember that the PPP loans are going directly through lenders, not directly through the SBA," Clendenning said. The U.S. Small Business Administration (SBA) released guidance Tuesday confirming that Paycheck Protection Program (PPP) loan forgiveness applications are not due on Oct. 31. 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