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SBA Clarifies That PPP Forgiveness Applications Not Due October 31

Small Business Administration
Journal of Accountancy
 (10/13) reported the Small Business Administration “released guidance [Oct. 13] confirming that Paycheck Protection Program (PPP) loan forgiveness applications are not due on Oct. 31.” According to the Journal of Accountancy, “Fears of a late-October PPP surprise came to the SBA’s attention because the program’s loan forgiveness application forms (3508, 3508EZ, and 3508S) display an expiration date of ‘10/31/2020’ in the upper-right corner.” The SBA “explains that borrowers may submit a loan forgiveness application any time before the maturity date of the loan,” and the SBA “reminds borrowers that loan payments are deferred only until 10 months after the last day of each borrower’s loan forgiveness covered period.”