What is the Deadline to Apply for PPP Loan Forgiveness?
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If you’re considering applying for PPP loan forgiveness, you may be wondering what the deadline is. Here’s what you need to know.
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Introduction
The deadline to apply for PPP loan forgiveness is December 31, 2020. However, the SBA may extend the deadline if it determines that there is a need for additional time.
What is the PPP Loan Forgiveness Program?
The PPP Loan Forgiveness Program is a government-backed initiative that provides small businesses with forgivable loans to help them through the COVID-19 pandemic. To be eligible for forgiveness, businesses must use the loan for eligible expenses, including payroll, rent, utilities, and mortgage interest. Loan forgiveness is based on the number of jobs kept and wages paid during the covered period. The deadline to apply for forgiveness is December 31, 2020.
What are the Eligibility Requirements for Loan Forgiveness?
To be eligible for loan forgiveness, you must have used the loan proceeds for eligible costs, as specified in the SBA’s Loan Forgiveness Application form and instructions. Eligible costs include payroll costs, mortgage interest, rent, and utilities.
The deadline to apply for PPP loan forgiveness is 10 months after the end of your covered period.
How to Apply for Loan Forgiveness
The deadline to apply for PPP loan forgiveness is December 31, 2020. You can apply for forgiveness through your lender or the SBA. To apply for forgiveness, you’ll need to complete and submit a Loan Forgiveness Application.
You’ll need to provide documentation supporting your loan forgiveness request, including:
-Payroll records
-Proof of payment
-Canceled checks
-Bank statements
What is the Deadline to Apply for PPP Loan Forgiveness?
The deadline to apply for PPP loan forgiveness is December 31, 2020. If you have not yet applied for forgiveness, you should do so as soon as possible to ensure that you do not miss the deadline.
Conclusion
The deadline to apply for PPP loan forgiveness is December 31, 2020. However, borrowers may request an extension from their lender if they are unable to complete their application by that date.
