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Be the first to know when the JofA publishes breaking news about tax, financial reporting, auditing, or other topics. Hopefully, this information will … [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. 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. Loan forgiveness deadline. Can you explain this difference? The SBA began approving PPP forgiveness applications and remitting forgiveness payments to PPP lenders on October 2, 2020. Go to the AICPA Town Hall Series webpage for more information and to register. If you haven’t yet applied for the PPP loan, the application deadline (not for forgiveness, but to receive money) is still June 30. 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. 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. 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 AICPA’s Paycheck Protection Program Resources page houses resources and tools produced by the AICPA to help address the economic impact of the coronavirus. However, due to the recency of this announcement, our forgiveness portal has not yet been updated to include this simplified application … I’ve read some advice on waiting to apply to better justify our expenses and keep more of our payments. The PPP loan program restarted, following the appropriation of new funding on Friday, April 24, 2020. When is Your PPP Loan Forgiveness Application Actually Due? The rules surrounding PPP loan forgiveness have continued to evolve since the program was first rolled out. The deadline to apply for a PPP loan was initially June 30, 2020, and was later extended to August 8. If the PPP loan is ultimately forgiven, then escrow money is returned to the borrower. This site uses cookies to store information on your computer. 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. The program stopped accepting applications on Aug. 8 with almost $134 billion of congressionally approved funds remaining unspent. Effective Nov 30, 2020. The SBA began approving PPP forgiveness applications and remitting forgiveness payments to PPP lenders on October 2, 2020. Note: The SBA has issued updated guidance since this article was published. Borrowers may submit a loan forgiveness application any time before the maturity date of the loan, which is either two or five years from loan origination. After the SBA makes the program available, we’ll begin accepting new PPP loan applications. Extends the deadline to use a PPP loan to December 31, 2020, from June 30, 2020. The deadline … 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. Top Searches Holiday Gifts. Here are some reasons why you might consider waiting to complete your PPP loan forgiveness application. The new FAQ clarifies when loan forgiveness applications are due. You will need to fill out a PPP Loan Forgiveness Application form and submit that to your lender. And there are some banks that won’t be announcing their forgiveness process until late August or early September. The webcasts, which provide CPE credit, are free to AICPA members. However, the form indicates that it expires 10/31/2020. While the forms have an expiration date of October 31, 2020 displayed in the upper-right corner, you can still use the forms. 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. This date will be extended, and when approved, the same forms with the new expiration date will be posted.[2]. 1. Most companies are in that window now, but for those who received loans in late summer, the forgiveness deadline could extend into late 2021. Applications submitted after that 10-month period will require the borrower to begin paying the principal and interest. 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. ANSWER: The Small Business Administration (SBA) extended how long the forgiveness application forms (3508, 3508EZ, and 3508S) are good for. Sba released the Form 3508S in October with that very same expiration.... 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