PPP: Important Update: Forgiveness Forms & Forgiveness Platform Reminders

u s small business administration

Michigan District Office

SBA Loan Programs: Important Updates

Forgiveness Forms and Forgiveness Platform Reminders

PPP Image

 

 PPP Forgiveness FAQ Updated

SBA & Treasury released additional guidance regarding the deadline for borrowers to apply for forgiveness with General Loan Forgiveness FAQ Q4 updated as follows:

Question: The PPP loan forgiveness application forms (3508, 3508EZ, and 3508S) display an expiration date of 10/31/2020 in the upper-right corner. Is October 31, 2020 the deadline for borrowers to apply for forgiveness?

Answer: No. 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. 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. 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. 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. This date will be extended, and when approved, the same forms with the new expiration date will be posted.

Forgiveness FAQ

For more information and updates, visit SBA.gov/PaycheckProtection or Treasury.gov/CARES 

 

Forgiveness Platform Reminders

Have questions about PPP? Send them to the following designated emails:

How and when can lenders start submitting 3508S forgiveness applications?

A new tab will be added to the Forgiveness Platform for the 3508S PPP forgiveness applications and it is anticipated 3508S acceptance will begin Oct.16.

Login to the Forgiveness Platform


 

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