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      • Borrowers can apply for forgiveness any time up to five years from the date that SBA issued the SBA loan number. 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.
      www.sba.gov › funding-programs › loans

      PPP loan forgiveness | U.S. Small Business Administration

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  3. www.sba.gov › ppp-loan-forgivenessPPP loan forgiveness | U.S. Small Business Administration

    Mar 13, 2024 · For loans over $150,000: SBA form 3508 PPP Loan Forgiveness Application + Instructions. SBA form 3508EZ PPP Loan Forgiveness Application + Instructions. SBA Form 3508 and SBA Form 3508EZ do require a borrower to provide additional documentation upon forgiveness submission.

  4. www.sba.gov › sites › defaultFrequently Asked Questions (FAQs) on PPP Loan Forgiveness

    The Small Business Administration (SBA), in consultation with the Department of the Treasury, is providing this guidance to address borrower and lender questions concerning forgiveness of Paycheck Protection Program (PPP) loans, as provided for under section 1106 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), as amended ...

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  6. home.treasury.gov › system › files8283 Rules and Regulations Federal Register - U.S. Department ...

    Loans under the PPP will be 100 percent guaranteed by SBA, and the full principal amount of the loans may qualify for loan forgiveness. Under the CARES Act, as amended by the Economic Aid Act, SBA is authorized to guarantee loans under the PPP, a new temporary 7(a) program, through March 31, 2021.

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  7. www.sba.gov › funding-programs › loansPaycheck Protection Program | U.S. Small Business Administration

    Paycheck Protection Program. An SBA-backed loan that helps businesses keep their workforce employed during the COVID-19 crisis. Notice: The Paycheck Protection Program (PPP) ended on May 31, 2021. Existing borrowers may be eligible for PPP loan forgiveness.

  8. www.grantthornton.com › insights › newslettersIRS provides guidance for PPP loan forgiveness | Grant Thornton

    Dec 21, 2021 · The IRS recently released guidance ( Rev. Proc. 2021-48 and Rev. Proc. 2021-49) on the timing of gross receipts and tax-exempt income from the forgiveness or partial forgiveness of Paycheck Protection Program (PPP) loans.

  9. home.treasury.gov › system › filesPAYCHECK PROTECTION PROGRAM (PPP) INFORMATION SHEET:

    The Paycheck Protection Program (“PPP”) authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms will be the same for everyone. The loan amounts will be forgiven as long as: The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and ...

  10. home.treasury.gov › system › filesAs of July 29, 2021 - U.S. Department of the Treasury

    Answer: No. Small business concerns can be eligible borrowers for First Draw PPP Loans even if they have more than 500 employees, as long as they satisfy the existing statutory and regulatory definition of a “small business concern” under section 3 of the Small Business Act, 15 U.S.C. 632.

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