If you have not yet submitted your forgiveness application, we advise you to wait to submit your forgiveness application until January, as guidance is still evolving and it is not yet clear how new legislation will affect you. 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. Loan forgiveness deadline. Top Searches Holiday Gifts. The PPP loan program restarted, following the appropriation of new funding on Friday, April 24, 2020. However, the loan repayment deferral period says that you have until one of the following (whichever is earlier) to start paying back the loan: The rules surrounding PPP loan forgiveness have continued to evolve since the program was first rolled out. If you were funded on or after June 5, 2020, and have to wait the entire covered period, you wonât be able to apply for forgiveness until November 20 th at the earliest. [1] Paycheck Protection Program Frequently Asked Questions (FAQs) on PPP Loan Forgiveness, SBA website, October 13, 2020, https://www.sba.gov/sites/default/files/2020-10/PPP%20--%20Loan%20Forgiveness%20FAQs%20%28October%2013%2C%202020%29.pdf (retrieved October 14, 2020), [2] Paycheck Protection Program Frequently Asked Questions (FAQs) on PPP Loan Forgiveness, SBA website, General Loan Forgiveness FAQs, Q&A 4, p. 2, Copyright © 2019 Kaplan, Inc. All Rights Reserved, Deadline to Apply for Forgiveness of PPP Loan is Loan Maturity Date, Not October 31, 2020, https://www.sba.gov/sites/default/files/2020-10/PPP%20--%20Loan%20Forgiveness%20FAQs%20%28October%2013%2C%202020%29.pdf. Most companies are in that window now, but for those who received loans in late summer, the forgiveness deadline could extend into late 2021. Some banks have been accepting forgiveness applications since July 2. President Trump signed a bill extending the deadline … When Is … The Small Business Administration (SBA) is working to finalize the details on both. But the SBA also reminds borrowers that loan payments are deferred only until 10 months after the last day of each borrower’s loan forgiveness covered period. Note: The SBA has issued updated guidance since this article was published. 1 Explosion Nashville; 2 Rush Limbaugh; 3 Wonder Woman 1984; 4 Heisman Finalists 2020; 5 Donate Car; 6 Playboi Carti; 7 Nano Hearing Aids; 8 2021 Rav4; 9 Kendall Jenner; 10 Where Is Santa; Top Searches Holiday Gifts. Many businesses have used up their initial PPP loan and are ready to apply for forgiveness. When is Your PPP Loan Forgiveness Application Actually Due? And there are some banks that wonât be announcing their forgiveness process until late August or early September. Deadline to Apply for Forgiveness of PPP Loan is Loan Maturity Date, Not October 31, 2020. PPP loan forgiveness application A new, simplified version of the application form has been released and can be used for PPP borrowers who received a loan of $50,000 or less. Congress created the PPP as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. Extends the deadline to use a PPP loan to December 31, 2020, from June 30, 2020. The loan application period closed on August 8, 2020. The deadline to apply for a PPP loan was initially June 30, 2020, and was later extended to August 8. Update to PPP Loan Forgiveness Rules, New Application Deadline Update to the Payroll Protection Program. Long-expected FAQs expected to clarify many PPP-related issues are still awaited from the U.S. Small Business Administration (SBA) and Treasury. The rules and guidelines for calculating PPP loan forgiveness are changing quickly and often unpredictably. With the extension of the PPP Loan Application deadline to August 8, 2020 and the recent revisions made to the SBA’s interim rules on loan forgiveness, this alert intends to provide a clarification on the calculations involved in applying for PPP Loan and later on, for the forgiveness of it. However, the form indicates that it expires 10/31/2020. This quick guide walks you through the process of adding the Journal of Accountancy as a favorite news source in the News app from Apple. 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?”. Paycheck Protection Program Loan Forgiveness Application. Effective Nov 30, 2020. The SBA updated its forgiveness FAQ[1] to address this concern, adding Question 4 on page 2 of the FAQ: 4. SBA Releases PPP Loan Forgiveness Application and Instructions for Borrowers â May 18, 2020 by Adam Hill. Download the updated PPP Forgiveness Timeline infographic.To receive the latest information on the PPP, including any new funding or changes to the program, subscribe to our newsletter. If you qualify for full forgiveness after eight weeks, you may be better off applying then. But that does not mean a borrower should submit a ⦠Ruth McCambridge October 16, 2020. 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. This site uses cookies to store information on your computer. Because Mary received both the PPP and the EIDL grant, she will enter the amount of $1,000 in the top section of Form 3508EZ, and her PPP loan-forgiveness … — Jeff Drew (Jeff.Drew@aicpa-cima.com) is a JofA senior editor. If you have questions about your PPP Loan Forgiveness Application, call (888) 655-2210 (Toll-Free). Beware of scammers offering a way to get a PPP loan; the Federal Trade Commission filed a ⦠Currently, there's north of $100 billion left in the program's coffers. This is the first time it appears the SBA has directly provided a specific deadline for applying for forgiveness, allowing borrowers to apply up until the maturity date of their PPP loan. In addition, the loan forgiveness application has not been updated to reflect the recent five-week extension of the programâs deadline to Aug. 8. By Office of Capital Access. At that point, the lender has 60 days to send a decision and a request for payment to the Small Business Administration. If you want to figure out your own forgiveness application deadline, a days between dates calculator is a good place to start.. what is the deadline for ppp loan forgiveness application 2020: 6 results. The SBA placed the expiration date in the upper-right corner of the PPP loan forgiveness application forms to comply with the Paperwork Reduction Act. After the SBA makes the program available, weâll begin accepting new PPP loan applications. Remember that there is no deadline requiring you to submit an application for forgiveness by the end of 2020. I’ve read some advice on waiting to apply to better justify our expenses and keep more of our payments. A site devoted to articles on current developments in federal taxes geared toward CPAs in tax practice. ATBS is also encouraging owner-operators to take advantage of the extended PPP loan application deadline of Aug. 8, which was signed into law by the President on July 5. PPP Loan Forgiveness Application Strategies. Many banks have begun accepting applications for loan forgiveness now that the deadline to apply for a PPP loan (August 8, 2020) has passed. The regulations in effect at the time of your application apply to your loan. The issue came into sharper focus when the SBA released the streamlined PPP Loan Forgiveness Application Form 3508S in October with that very same expiration date (see related post). PPP loans are eligible for full or partial forgiveness if the loan proceeds are used in accordance with forgiveness rules and guidelines, which have already been modified several times. The new FAQ clarifies when loan forgiveness applications are due. AICPA experts discuss the latest on the PPP and other small business aid programs during a biweekly virtual town hall. ATBS is also encouraging owner-operators to take advantage of the extended PPP loan application deadline of Aug. 8, which was signed into law by the President on July 5. The PPP loan application deadline ended on Aug. 8 with over $130 billion left unspent from the funds allocated to the program. The loan portion that isn't forgiven carries a 1% interest rate and five-year term. House Speaker Nancy Pelosi, D-California, is continuing to negotiate with Mnuchin about reviving the program as part of a larger stimulus package, but Democrats and Republicans remain at odds over the size of the package and whether it should be piecemeal or be an … While the forms have an expiration date of October 31, 2020 displayed in the upper-right corner, you can still use the forms. Hopefully, this information will ⦠Extends the deadline to use a PPP loan to December 31, 2020, from June 30, 2020. Can you explain this difference? The SBA placed the expiration date in the upper-right corner of the PPP loan forgiveness application forms to comply with the Paperwork Reduction Act. 1. If you havenât yet applied for the PPP loan, the application deadline (not for forgiveness, but to receive money) is still June 30. SBA may direct a lender to disapprove the Borrowerâs loan forgiveness application if SBA determines that the Borrower was ineligible for the PPP loan. But others noted nothing in the statute or other SBA guidance suggested that such a short deadline applied to the request for forgiveness. Select to receive all alerts or just ones for the topic(s) that interest you most. Question: The PPP loan forgiveness application forms (3508, 3508EZ, and 3508S) display an expiration date of 10/31/2020 in the upper-right corner. 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. It will also make it easier for many current PPP borrowers â especially with loans of $150,000 or less â to request Forgiveness. 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. 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. A borrower generally may submit a loan forgiveness application any time on or before the maturity of the loanâincluding before the end of the covered periodâif the borrower has used all of the loan proceeds. FAQs #4 has been updated. The legislation authorized Treasury to use the SBA’s 7(a) small business lending program to fund loans of up to $10 million per borrower that qualifying businesses could spend to cover payroll, mortgage interest, rent, and utilities. Answer: No. Is October 31, 2020 the deadline for borrowers to apply for forgiveness? Allowing certain small businesses to access those funds is among several PPP proposals on the table as Congress and the Trump administration continue to talk about a comprehensive COVID-19-related stimulus bill. The deadline … Originally, the Paycheck Protection Program covered period was eight weeks. The form, known as SBA Form 350S , is a page and a half and makes the process of applying for forgiveness quicker and more streamlined. Currently, there's north of $100 billion left in the program's coffers. Is October 31, 2020, the deadline … Lenders who worked excessive hours to help small businesses access Paycheck Protection Program (PPP) loans are now scrambling … Applications for loan forgiveness will be processed by your lender. Question: The PPP loan forgiveness application forms (3508, 3508EZ, and 3508S) display an expiration date of 10/31/2020 in the upper-right corner. If you submit your forgiveness application within that 10-month deadline, you will not be required to make loan payments until your application is processed (if you receive 100% forgiveness, you’ll never need to make loan payments.) 3508S. Here are some reasons why you might consider waiting to complete your PPP loan forgiveness application. Based on the timing of the first PPP loans, no PPP borrower has an eminent forgiveness application deadline in 2020. This date will be extended, and when approved, the same forms with the new expiration date will be posted.[2]. The Paycheck Protection Program (PPP) was designed to be a lifeline for the businesses caught in the waves of the COVID-19 pandemic. The purpose of this article is to provide updated guidance issued by the U.S. Small Business Administration (the “SBA”) via the instructions for the PPP Loan Forgiveness Application (SBA Form 3508) issued May 15, 2020 and revised June 16, 2020 (the “3508 Application”) and its interim final rule issued Friday, June 26, 2020 (the “6/26 IFR”) to address these questions. Borrowers must submit a forgiveness application within 10 months of exhausting the loan funds and by Dec. 31. For example: if you received a PPP loan in May 2020 and elect a 24-week forgiveness period, you should apply for forgiveness no later than August 2021 to avoid debt payments. The SBA and Treasury released late Friday evening the long-awaited application to apply for forgiveness of a Paycheck Protection Program (PPP) loan. Review your PPP Loan Forgiveness Application options. In addition, the loan forgiveness application has not been updated to reflect the recent five-week extension of the program’s deadline to Aug. 8. Some expressed the concern that this might be the date by which borrowers would have to apply for forgiveness—and that date was rapidly approaching. The date represents the temporary expiration date for approved use of the forms, the SBA said, adding that once a new expiration date is approved, it will be posted on the forms. However, due to the recency of this announcement, our forgiveness portal has not yet been updated to include this simplified application … With so much uncertainty about the actual deadline, the Small Business Administration (SBA) released extra guidance to ensure business owners had the right deadline dates expected to submit their loan forgiveness applications. forgiveness frequently asked questions document, Keeping you informed and prepared amid the COVID-19 crisis. ANSWER: The Small Business Administration (SBA) extended how long the forgiveness application forms (3508, 3508EZ, and 3508S) are good for. Sale of 50% or more of the PPP borrower’s assets: SBA approval is not required where the company is selling 50% or more of its assets if the PPP borrower completes a forgiveness application and sets up an escrow account with the PPP lender which is funded with enough money to repay the PPP loan. All rights reserved. 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. June 5, 2020 * ALERT – The new deadline to apply for a Paycheck Protection Program Loan is August 8. The SBA has issued additional guidance on the Paycheck Protection Program (PPP). Is October 31, 2020, the deadline for borrowers to apply for forgiveness? Question: The PPP loan forgiveness application forms (3508, 3508EZ, and 3508S) display an expiration date of 10/31/2020 in the upper-right corner. 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. Applications for loan forgiveness will be processed by your lender. Thus, even if a borrower fails to apply by the date ten months after the end of their covered period and begin to make payments on the PPP loan, the borrower can still apply for forgiveness of the original PPP loan amount. Instructions for Borrowers for PPP Loan Forgiveness Application Checklist of Documentation Required for PPP Loan Forgiveness For PPP Loans between $50,000 and $150,000 Further, this is the third major change to the forgiveness applications for PPP loans, and given the history of changes, borrowers should be aware this might not be the last update this year to the program. That meant borrowers had eight weeks to make eligible payments with their loans. The date on all three loan forgiveness forms has now been changed to November 30, 2020. You can take advantage of the extended covered period. Confusion over PPP Forgiveness Deadline Resolved. However, if a borrower does not apply for loan forgiveness within 10 months after the last day of the borrower’s loan forgiveness covered period, loan payments are no longer deferred and the borrower must begin making payments on the loan. You will need to fill out a PPP Loan Forgiveness Application form and submit that to your lender. 116-136, which was signed into law March 27. Question: The PPP loan forgiveness application forms (3508, 3508EZ, and 3508S) display an expiration date of 10/31/2020 in the upper-right corner. While the initial application process was challenging, the rules governing the use of funds and the qualification for loan forgiveness has been a confusing and ever-changing process to say the least. Forgiveness Tool PAYCHECK PROTECTION PROGRAM (“PPP”) LOAN FORGIVENESS CENTRAL BUSINESS RULES If the PPP loan is ultimately forgiven, then escrow money is returned to the borrower. Clarification was also released around the PPP loan forgiveness application deadline: you can breathe a sigh of relief because loans are not due on October 31, 2020 as many feared. Go to the AICPA Town Hall Series webpage for more information and to register. ANSWER: The Small Business … Clarification on PPP Forgiveness Application Deadline. We’ve recently received questions about the deadline to apply for PPP loan forgiveness and want to provide further clarification on this. PPP loans are available for the lesser of $10 million or 2.5 times your average monthly payroll. The AICPA’s Paycheck Protection Program Resources page houses resources and tools produced by the AICPA to help address the economic impact of the coronavirus. This can make qualifying to keep 100% of your paycheck protection money almost impossible – unless you get a little help. Ever since the first Form 3508 was released, the forms have shown an expiration date in the upper right corner of October 31, 2020. Question: The PPP loan forgiveness application forms (3508, 3508EZ, and 3508S) display an expiration date of 10/31/2020 in the upper-right corner. Depending on your circumstances, youâll either use Form 3508S, Form 3508EZ, or Form 3508. 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 … You will need to fill out a PPP Loan Forgiveness Application form and submit that to your lender. Some are essential to make our site work; others help us improve the user experience. The SBA began approving PPP forgiveness applications and remitting forgiveness payments to PPP lenders on October 2, 2020. The Borrowerâs eligibility for loan forgiveness will be evaluated in accordance with the PPP regulations and guidance issued by SBA through the date of this application. The PPP Flexibility Act of 2020 extends the time companies have to spend loan funds and still qualify for forgiveness. Question from San Diego, California subscriber. The law also drops the required payroll expenditure amount from 75% to 60%. Fears of a late-October PPP surprise came to the SBA’s attention because the program’s loan forgiveness application forms (3508, 3508EZ, and 3508S) display an expiration date of “10/31/2020” in the upper-right corner. The application ⦠Trending. The rules surrounding PPP loan forgiveness have continued to evolve since the program was first rolled out. 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. 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. October 14, 2020 by Ed Zollars, CPA. 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. Important Update Regarding Simplified Forgiveness. Tax; Update to PPP Loan Forgiveness Rules, New Application Deadline ; Update to PPP Loan Forgiveness Rules, New Application Deadline. Initially, businesses needed to spend 75% of their loan ⦠But, the PPP Flexibility Act (which was signed into law on … 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. Many businesses applying for loan forgiveness were shocked when they saw an October 31st deadline listed on the upper right corner of their application forms. 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