Many small businesses secured PPP loans to help them through the financial issues resulting from the COVID 19 pandemic. These loans have a forgiveness provision that will forgive a portion of the loan if used as directed and a proper request for forgiveness is filed within the allotted time.
All applicants must apply for loan forgiveness within 10 months of the completion of the loans Covered Period. The Covered Period is either (1) the 24-week (168-day) period beginning on the PPP loan disbursement date, or (2) if the borrower received its PPP loan before June 5, 2020, the borrower may elect to use an eight-week (56-day) Covered Period.
There are three separate types of loan forgiveness forms that businesses are eligible to fill out. The link below is a breakdown of the forms that businesses will need to decide, in consultation with their lender which is most appropriate. This information is meant to be informal in nature, all borrowers should consult with their lender regarding what form they feel is most appropriate prior to submission.