The Paycheck Protection Program opened up for applications to most businesses on April 3 and for self-employed individuals on April 10. Question: The PPP loan forgiveness application forms (3508, 3508EZ, and 3508S) display an expiration date of 10/31/2020 in the upper-right corner. 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. Some are essential to make our site work; others help us improve the user experience. 1. 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 … 27 October 2020 > Small Businesses 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. There currently isn’t a hard PPP forgiveness application deadline. 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. The loan application period closed on August 8, 2020. Loan forgiveness deadline. Select to receive all alerts or just ones for the topic(s) that interest you most. 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. The date on all three loan forgiveness forms has now been changed to November 30, 2020. Top Searches Holiday Gifts. Many banks have begun accepting applications for loan forgiveness now that the deadline to apply for a PPP loan (August 8, 2020) has passed. A site devoted to articles on current developments in federal taxes geared toward CPAs in tax practice. After the SBA makes the program available, we’ll begin accepting new PPP loan applications. The deadline to apply for a PPP loan was initially June 30, 2020, and was later extended to August 8. Paycheck Protection Program Deadline Is August 8: Applying, Loan Forgiveness, And The New PPP Bruce Brumberg, JD Contributor Opinions expressed by Forbes Contributors are their own. 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. [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. Borrowers must submit a forgiveness application within 10 months of exhausting the loan funds and by Dec. 31. 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