Remember that you have 10 months after the end of the covered period (8 or 24 weeks from receipt of the PPP loan) to submit a loan forgiveness application before you must begin making payments on the loan. Each borrower has a unique deadline, so please don’t hesitate to reach out and work with your HM&M advisor to make sure that you submit your forgiveness application before the 10 month period is up.
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, including interest at a rate of 1%.
After the borrower applies for forgiveness, the lender has 60 days to review and the SBA has 90 days to evaluate the application. Please keep this timeframe in mind when considering the timing of your forgiveness application.
Do not hesitate to reach out to your HM&M advisor if you have questions or would like assistance with your PPP loan forgiveness application or a PPP loan application.
Contact Us
For more information check out HM&M’s COVID-19 Resources page.
HM&M COVID-19 ResourcesRelated Posts
Texas taxpayers only have until Friday, May 28, 2021 to file their application (Texas Form 50-312 Temporary Exemption Property Damage by Disaster) along with supporting documentation to obtain temporary property tax relief on qualifying property ...
Texas Franchise Due to the recent winter storm and power outages in Texas, the Comptroller’s Office has automatically extended the due date for the 2021 Franchise Tax reports from May 15th to June 15th. This ...
Texas Franchise The Texas Comptroller of Public Accounts announced that the office will be automatically extending the due date for 2020 Texas franchise tax reports to July 15, 2020, to be consistent with the Internal ...
A new Qualified Opportunity Zone (“QOZ”) program to encourage investment in low-income communities (“LICs”) is part of the massive tax law enacted in December 2017 that is often referred to as the Tax Cuts and ...
Latest Blog
Cash and noncash donation deductions in 2026 The new year brings changes that affect how taxpayers think about ...
Everyone should have an estate plan — including single people with no children. For married couples, the law ...
The One Big Beautiful Bill Act (OBBBA), signed into law in July 2025, restored the more favorable pre-2022 ...
HM&M Updates
Dallas, TX – Aug. 7, 2024 – HM&M, a Springline company (HM&M), a leading CPA firm with four ...
DALLAS, Dec. 11, 2024 – Springline Advisory, a trailblazing financial and business advisory firm, is proud to announce its partnership ...
Last month, Senior Manager, Pearl Balsara was invited to speak at the 2023 FPA DFW Annual Conference in ...