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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

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

    Mar 13, 2024 · Borrowers may be eligible for Paycheck Protection Program (PPP) loan forgiveness. Content. Where to apply for loan forgiveness. Effective March 13, 2024, all borrowers, regardless of loan size, can use SBA's direct forgiveness portal . Applying for forgiveness using the portal can take as little as 15 minutes.

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  4. www.uschamber.com › guide-ppp-loan-forgivenessGuide to PPP Loan Forgiveness | U.S. Chamber of Commerce

    Sep 1, 2021 · Existing borrowers may be eligible for PPP loan forgiveness. Small businesses received PPP loans from private or non-profit lenders. If you have a question about your application or forgiveness, talk with your lender.

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

    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.

  7. www.nerdwallet.com › article › small-businessSBA Loan Forgiveness for PPP, EIDL Loans - NerdWallet

    Borrowers who received a PPP loan prior to the program closing on May 31, 2021 have already reached the end of their covered period and can apply for forgiveness now. Reach out to your lender...

  8. 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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  9. www.self-help.org › docs › default-sourcePPP Forgiveness Frequently Asked Questions (updated as of ...

    Jun 1, 2021 · In general, under the current laws and guidance, PPP loans are eligible for forgiveness if: At least 60% of PPP loan funds are used for eligible Payroll Costs and any remaining loan funds are used to pay other eligible business expenses; PPP loan funds are used within 24 weeks; and. Staff and wage levels are maintained (subject to exceptions).

  10. home.treasury.gov › system › filesPaycheck Protection Program Loan Forgiveness

    Paycheck Protection Program (PPP) borrowers may be eligible for loan forgiveness if the funds were used for eligible payroll costs, payments on business mortgage interest payments, rent, or utilities during either the 8- or 24-week period after disbursement.

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