Time to Revisit Paycheck Protection Program Forgiveness

Many borrowers have applied for and been granted forgiveness of the Paycheck Protection Program loans obtained in 2020.  If you have not applied for forgiveness, now is the time and the deadline may be fast approaching.

How do I determine my forgiveness deadline?

A borrower has 10 months after the end of the covered period to apply for forgiveness.  Otherwise, the borrower is required to start making loan payments.  The covered period can be 8 weeks or up to 24 weeks.

Your forgiveness deadline is unique – only borrowers who received a PPP loan on the exact same day and used the same covered period will have the same deadline. We have seen notices with incorrect deadlines.  Do not rely on others or generic published dates to determine your specific deadline.


A borrower received a loan on April 20, 2020, and their 24-week covered period ended on October 4, 2020. The forgiveness deadline is August 4, 2021.

What if I miss the 10-month deadline?

If a borrower misses the 10-month deadline, they can apply for forgiveness any time before the maturity date.  However, monthly loan payments will be required beginning 10 months after the covered period.  We believe most borrowers should apply for forgiveness within the 10-month period.

What if you have not applied for PPP1 or PPP2?

The Paycheck Protection Program application deadline was recently changed from March 31 to May 31.  However, the SBA believes the PPP fund will be depleted in early May.   If you did not apply for a first or second draw PPP loan, now may be your last chance to revisit eligibility.