COVID-19: PPP & EIDL Loan Information

forgiveness filing deadlines

You have until your loan maturity date to file your PPP loan forgiveness application. If you do not file for forgiveness within ten months following the end of your Covered Period, your lender will require you to begin making monthly payments including principal and interest.

For example let’s say I received my loan proceeds on April 23, 2020. If I select a Covered Period of 24 weeks, my Covered Period ends on October 22, 2020. If I haven't filed for forgiveness by August 22, 2021, my lender will start requiring me to make monthly payments which will be based on the entire amount of the PPP loan.

If my loan maturity date is five years, I must file for forgiveness by April 22, 2025. If I missed that deadline, my PPP loan is no longer eligible for forgiveness, however, the loan will be completely paid by the maturity date.


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