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The Definitive Guide to SBA Releases New PPP Rules Including 14-Day Pause on


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<img class="featurable" style="max-height:300px;max-width:400px;" itemprop="image" src="https://www.hsccpa.com/wp-content/uploads/2021/01/table.png" alt="SBA Releases New EZ PPP Loan-Forgiveness Application"><span style="display:none" itemprop="caption">PPP Loan Forgiveness and FAR “Credits” for Government Contractors - GRF CPAs &amp; Advisors</span>
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<h1 style="clear:both" id="content-section-0">How PPP Loan Forgiveness and Loan Review - ICBA can Save You Time, Stress, and Money.<br></h1>
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<p class="p__0">Since the PPP loan forgiveness process can be tedious, members of Congress have actually proposed legislation that would permit for a much simpler process of streamlined forgiveness for loans under a particular amount. The commonly discussed limit is loans of $150,000 and below, however that might change, and there's a possibility that blanket forgiveness will not ever be granted.</p>
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<p class="p__1">Naturally, we have no idea when that will be, which leads us into 3 essential facts about PPP loan forgiveness Borrowers eager to get PPP loans forgiven may need to know the deadline for forgiveness applications and whether they can send applications early. If they are a co-owner in the business where they work, they might likewise wish to know if they are subject to the stricter PPP payment replacement computations for owner-employees.</p>
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<p class="p__2">Forgiveness application due date: There is no specified deadline for customers submitting the forgiveness application, but debtor payments will be needed 10 months after completion of the covered period as described in frequently asked question No. 3 of the PPP Loan Forgiveness FAQs. Debtor submission of a forgiveness application does set off deadlines for lending institutions and the SBA.</p>
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<p class="p__3">The SBA then has 90 days after receiving the choice from the loan provider to evaluate the application and remit the forgiveness amount to the loan provider with any interest accrued through the date of the payment. Early applications for loan forgiveness: These are allowed, but there's a catch: An eight- or 24-week covered period will still use.</p>
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<img class="featurable" style="max-height:300px;max-width:400px;" itemprop="image" src="https://www.merchantmaverick.com/wp-content/uploads/2021/01/paycheck-protection-loan-cash.jpg" alt="Don't Forget to Apply for PPP Loan Forgiveness - LSWG CPAs"><span style="display:none" itemprop="caption">For PPP loans, small-business owners should stop and think before seeking forgiveness</span>
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<img class="featurable" style="max-height:300px;max-width:400px;" itemprop="image" src="https://www.restaurant365.com/wp-content/uploads/2020/06/PPP-loan-forgiveness.jpg" alt="SBA Clarifies Filing Date(s) for PPP Loan Forgiveness - GYF"><span style="display:none" itemprop="caption">CARES Act PPP Loan Forgiveness Application Assistance</span>
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<h1 style="clear:both" id="content-section-1">All about SmartBiz Loans: Apply for an SBA or Bank Term Loan Online<br></h1>
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<p class="p__4">116-142, signed into law June 5 extended the covered period from eight weeks to 24 weeks. For loans funded before June 5, 2020, borrowers can pick to keep the eight-week covered period or transfer to the 24-week duration. If the loan was moneyed after June 5, 2020, the customer needs to utilize a 24-week covered duration.</p>
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<p class="p__5">But doing so lowers the maximum eligible compensation. For This Piece Covers It Well , if a customer tires its PPP funds for eligible expenditures and chooses to request forgiveness 16 weeks after the start of the covered period, the covered duration would still be 24 weeks and compensation maximums for workers would be prorated to $30,769 ([ 16 24 $46,154], less than the settlement maximum for workers of debtors with a 24-week covered period.</p>
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