If you received a PPP loan, remember to apply for loan forgiveness.
Borrowers may submit a loan forgiveness application any time before the maturity date of the loan, which is either two or five years from loan origination. However, if a borrower does not apply for loan forgiveness within 10 months after the last day of the borrower’s loan forgiveness covered period, loan payments are no longer deferred and the borrower must begin making payments on the loan. For example, a borrower whose covered period ends on October 30, 2020 has until August 30, 2021 to apply for forgiveness before loan repayment begins.
Contact your lender to be sure you complete the correct form in a timely manner. Reach out through this website's Ask Me feature if you need assistance with your loan forgiveness application!