All information is based on our current understanding as of the date that it is posted. Please keep in mind this information is changing rapidly – it can and likely will change. Some information becomes outdated the same date it posted. Although we will monitor and update this page as new information becomes available, please do not rely solely on this page. We encourage you to contact your Pivot CPAs advisor for the latest information.
The latest guidance from the U.S. Small Business Administration (SBA) states that Paycheck Protection Program (PPP) loan forgiveness applications can be submitted any time before the maturity date of the loan, which is either two or five years from the loan’s origination.
However, loan payments are only deferred for 10 months from the end of their covered period before payments must be made. For example, if the 24-week covered period ended October 30, 2020, then the borrower has until August 30, 2021 to begin making payments.
For more information on PPP loan forgiveness applications, please click here.
