Paycheck Protection Program (PPP) Loan Forgiveness Deadline(s)
Have you applied for PPP borrower forgiveness? Once all loan proceeds for which the borrower is requesting forgiveness have been used, borrowers can apply for forgiveness any time up to the maturity date of the loan (two or five years from loan origination).
If borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred, and borrowers will begin making loan payments to their PPP lender. Example, a borrower whose covered period ends on October 30, 2020 has until August 30, 2021 to apply for forgiveness before loan repayment begins.