The SBA has released additional guidance confirming the due date for Paycheck Protection Program (PPP) loan forgiveness applications. There has been much confusion over the due date of the forgiveness application as many PPP forgiveness application forms display an expiration date of 10/31/2020 in the upper-right hand corner of the form. See below image for one example.
The SBA clarified that this expiration date simply refers to the temporary date used for the Paperwork Reduction Act and they will update the date once a new date is approved.
PPP Loan forgiveness applications are not due for ten months after the last day of the borrower's covered period ended. If the covered period ends October 30, 2020 the loan application is due August 30, 2021.
For more information refer to the Journal of Accountancy's latest article on this update or the SBA's updated FAQs. Remember to follow us on LinkedIn to stay up to date on all of our posts.
Note: The SBA may their FAQs after this article is published. For the most up-to-date published FAQs, click the red download button on their FAQ page.
PPP Loan forgiveness applications are not due for ten months after the last day of the borrower's covered period ended. If the covered period ends October 30, 2020 the loan application is due August 30, 2021.
For more information refer to the Journal of Accountancy's latest article on this update or the SBA's updated FAQs. Remember to follow us on LinkedIn to stay up to date on all of our posts.
Note: The SBA may their FAQs after this article is published. For the most up-to-date published FAQs, click the red download button on their FAQ page.
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