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The Small Business Administration (SBA) published a new entry in their FAQ document on October 13th addressing what some thought was a due date on Paycheck Protection Program Loan (PPP Loan) forgiveness documents. The new entry can be found in General Loan Forgiveness FAQs, Question Four.
In the upper right-hand corner of PPP Loan forgiveness application Forms 3508, 3508EZ, and 3508S, there is an expiration date listed of 10/31/2020. The SBA has confirmed that is not a deadline for borrowers to apply for forgiveness. That date is listed so the SBA can comply with the Paperwork Reduction Act and is unrelated to PPP Loan forgiveness.
As a reminder, borrowers can submit a forgiveness application at any time before the maturity date of the loan. Borrowers must also apply for loan forgiveness within 10 months after the last day of the covered period in order to defer making payments on the loan. The SBA included an example in this announcement: A borrower whose covered period ends on October 30, 2020 has until August 30, 2021 to apply for forgiveness before loan repayment begins.
DGC has a proven process that utilizes our sophisticated model and incorporates our data analytics experience and accounting expertise to maximize PPP Loan forgiveness. If you have questions, please contact a member of your DGC client service team or George Shaw, CPA at 781-937-5125 / email@example.com and Kimberley Train, CPA, ABV at 781-937-5112 / firstname.lastname@example.org. You can also visit DGC's coronavirus web page at dgccpa.com/coronavirus which is frequently updated with new resources to help you deal with the financial impact of the coronavirus on you and your business.
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